...and the interest rate. | | | Who We AreAbout UsOur goals are to improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans, and to stabilize the mortgage market.Contact UsPhone: (202) 708-1112 Email: federalhousingadmin@hud.gov Web: www.hud.gov | | | Federal Housing admin. 451 7th Street S.W., Washington, DC 20410 | | | | | | | Federal Housing admin. | Help us help you! | | Are you in danger of foreclosure?If you are experiencing difficulties making your mortgage payments, you are encourage to contact your lender or loan servicer directly to inquire about foreclosure prevention options that are available. If you are experiencing difficulty communicating with your mortgage lender or servicer about your need for mortgage relief, there are organizations that can help by contacting lenders and servicers on your behalf. | | | “I never thought I could afford a new house, but with help from the FHA my family is happier than ever!” – Anonymous FHA CustomerIn 1965 the Federal Housing Administration became part of the Department of Housing and Urban Development (HUD). Since 1934, the FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages. Currently, the FHA has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio. The Federal Housing Administration is the only government agency that is completely self-funded...
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...A New House-Risks and Benefits The Finance Housing Board is one of the government bodies that can influence national fiscal policy and affect the housing market. It is responsible for setting mortgage rates and regulates banks that supply money to local lenders, to ensure they are lending money to suitable people at appropriate rates. Another body of the government which can influence national fiscal policy is the Federal Housing Administration (FHA). The Federal Housing Administration strives to provide better housing standards and conditions; they are responsible for insuring bank loans for home buying or the building of a new home. When federal banks make decisions regarding fiscal policies to increase or decrease interest rates, this affects the mortgage rates, housing starts and housing prices. A lower rate creates more activity, more people can now afford to buy a home, and in turn this stimulates the housing market. When there is more opportunity to buy, this creates more demand for homes, therefore more home begin to sell. On the flip side of this when rates are increased, less people can afford to buy, homes do not sell as fast, and there is less interest to purchase a home. Based on these recommendations, there is risk in any type of investment. However, purchasing a home over the long run is usually a better risk than many other investments such as stocks, or IRA’s. The major benefit of a home purchase is the tax deduction on mortgage interest, in addition...
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...THE reanimation of America’s housing market has been a long time coming. Residential building last contributed positively to growth in 2005. Housing-construction employment has dropped 43% since then. Government efforts to resuscitate the market have flopped. Yet tantalising signs of a durable recovery are emerging at last. The National Association of Home Builders’ index of builder confidence rose for a fifth consecutive month in February, to its highest level since May 2007 (see chart). Sales of previously-owned homes rose 4.3% from December to January. The housing overhang is receding. The number of homes for sale dropped 21% in the year to January, to just over six months of supply—a “normal” level. The recovery is an odd one by American standards, centred on the rental market. Though house prices sank 4% in 2011, rents posted a 2.4% increase, thanks to tumbling vacancy rates. Tight conditions are a side-effect of the housing bust. Construction hit a record low in 2011, surpassing a 2010 performance which itself displaced 2009’s. The pressure from America’s growing population is now showing. Builders are responding. The number of new building permits jumped 19% in the year to January. Approvals for buildings with five or more units, which are favoured by renters, soared by 61%. Meanwhile, adults who sheltered with friends or family during the recession are striking out on their own. A Goldman Sachs analysis reckons that growth in new households has been some 50% short of...
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...During the Depression white working-class family began losing their homes when they became unemployed. To ease this issue, the federal government began working on public houses that white families could stay in. There were also public houses for African Americans, but the houses for the white families were prioritized. Eventually, it became so that there was a surplus of white public houses and a demand for African American public houses. This demand eventually became so great that the housing authorities let the blacks occupy the white public...
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...Week 13 – Community Activism Chapter 4: Community Activism and Environmental Justice: The Dudley Street Neighborhood Initiative (Layzer 2012, 83) Background (Layzer 2012, 85) * The downfall of urban areas in the nation began in the late 1800s due to improved transportation and cheaper construction techniques. * This process propelled after WWII along with the construction of a national highway system. * The Federal Housing Administration’ s insurance program, which made mortgages possible, leaned toward single family homes opposed to apartment complexes. * Beginning in the early 1950s and continuing into the 1970s, white Americans left the cities due to the migration of African Americans from the south and school desegregation efforts. * “Redlining” prevented minorities from moving into suburban areas by discriminatory public and private lending and insurance practices. * By the 1980s older cities had an increase in poverty, crime, and physical deterioration. * A prime example of this is the Dudley Street neighborhood. This area started out filled with wealthy Bostonians’ country estates. It was a thriving working class immigrant community. * During the 1950s suburbanization hit the neighborhood, shifting the population from predominantly white to mostly African American. * Businesses vanished: the number of private enterprises on Dudley Street fell from 129 in 1950 to 26 in 1980: on Blue Hill Avenue the dropped from...
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...The Department of Housing and Urban Development Abstract The Department of Housing and Urban Development has developed programs designed to help out the less fortunate for years and protect them from discrimination. Administrative law is especially valuable to agencies such The Department of Housing and Urban Development as it addresses fairness and responsibility issues with governing laws. Court cases help to make change where needed when it can be shown the system has failed or if one’s rights have been violated. The Department of Housing and Urban Development The Department of Housing and Urban Development's (HUD) manages and is responsible for the running of programs that provide housing as well as community development assistance. The HUD agency also works to ensure fair and equal housing opportunity for all people. An example of one of the programs is the Federal Housing Administration (FHA), which is part of HUD, is a government agency which objectives are to improve housing conditions and standards as well as provide a house financing system with insurance of home mortgage loans. Congress created the Federal Housing Administration (FHA) in 1934. The FHA became a part of the Department of Housing and Urban Development's (HUD) Office of Housing in 1965. The HUD agency and issues it covers is very broad so administrative law is a must for this agency to ensure there is fair housing and equal opportunity. Administrative law covers several areas such as rule-making...
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... Of all the facets of human environment, a few influences a man’s life more than that of a house in which he seeks shelter, security, comfort and dignity. It is indeed where he begins and ends his days. Proper housing is an important need for every human being. Man’s proper utilization of his resources and economic wellbeing greatly depends on the type of accommodation he has been provided with. “a decently housed citizen is a more productive individual, a good housing scheme complimented by high environmental standard equates with less expense on public health, and less adverse social effect produces a higher gross national income figure for a country” . This is why it is generally accepted that good housing is a social index of a good government especially in developing countries like Nigeria should especially accept the provision of housing as a major social responsibility. Housing is a set of durable assets, which accounts for a high proportion of a country’s wealth and on which households spend a substantial part of their income. It is for these reasons that housing has become a regular feature in economic, social and political debates often with highly charged emotional contents(Agbola, 1998). All governments in Nigeria since independence highlighted housing as a major priority. Unfortunately for over 47 years of its independence, Nigeria is yet to develop a vibrant mortgage market and houses continue to be provided through the tortuous traditional method of buying...
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...Impact of different window types in regulating natural ventilation of residential buildings of Dhaka, Bangladesh |Md. Nymul Haque¹ |Jinia Sharmeen² | |haque.nymul@gmail.com |jinia_lima@hotmail.com | Abstract Natural ventilation is most desirable for cooling and providing fresh air in residential buildings for better indoor air quality and thermal comfort. The natural ventilation performance is affected by a combination of internal and external factors. External factors include the location, the orientation, the prevailing wind speeds and the building forms of the residential development, which are subject to constraints beyond the control of site planners and architects. Whilst for internal factors like the openings configurations and window types, site planners and architects are always given free hand for a proper design. Dhaka, a city in the Tropics, has become such a city where with rapid urbanization users are moving towards mechanically ventilated buildings putting ever increasing demand on the dwindling energy resources. This paper focuses on the influences of window types on the natural ventilation of residential units in Dhaka in order to improve quality of indoor living environment. Primary objective of the study is an attempt to investigate...
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...FIN624 Final Paper Fannie Mae, also known as Federal National Mortgage Association was established in 1938 by amendments to the National Housing Act to provide local banks with federal money to finance home mortgages. This was an attempt to raise levels of home ownership and make affordable housing more available by creating a secondary market. Fannie Mae was authorized to buy Federal Housing Administration insured mortgages, replenishing the supply of lendable funds. In 1944 Fannie Mae was authorized to purchase loans guaranteed by the Veterans Administration, and in 1954 they become a mixed ownership corporation owned partly by private stockholders. In 1970 Fannie Mae transitioned from mixed ownership to private organization and was authorized to purchase conventional mortgages. Through the 80’s and 90’s Fannie Mae remained profitable through the use of adjustable rate mortgages and mortgage backed securities. In the late 1990’s and early 2000’s institutions in the primary mortgage market pressured Fannie Mae to ease credit requirements on the mortgages it was willing to purchase, enabling them to make loans to subprime borrowers. As housing prices dropped nationwide and foreclosures increased, Fannie Mae suffered large losses on various investments in their portfolio, such as sub-prime mortgages (loans made to borrowers with poorer-than average credit) and “private label” MBS’s (securities issued and insured by private companies without government backing). Fannie...
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...History The area first developed about two hundred years ago in what was then the village of Holbeck. Activities such as flax spinning, iron casting and machine manufacturing were carried out in a range of steam-powered mills and workshops. Interspersed amongst these mills and factories were hundreds of families living in poor conditions in back to back houses. Why was an urban village created? The northern part of Holbeck is an area that is in need of major regeneration and in which there is now strong developer interest. It is also an area that is of great importance both historically, as the cradle of the industrial revolution in Leeds, and architecturally, with two conservation areas and a number of listed buildings including the Grade I Temple Works. The special nature of this area merits a special response from developers that respects the scale and quality of its important buildings, the diversity of the area and its potential to develop into a sustainable community. It was clear from the early schemes to re-develop the area a decade or so ago that this was not happening and that the special quality of the area was being lost. In order for the future of Holbeck to be sustainable, the traditional principles of a village, which include a mixture of living, working and recreational opportunities, need to be adopted. It appeared to be appropriate to regenerate the area as an urban village and the Urban Villages Forum (which promotes urban villages) confirms this. The area...
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...reasoning can become a common dilemma faced by auditors, internal auditors and all others who work in the business field. For example, The American Institute of Public Accountants (AICPA) Code requires CPAs to place the interest of the public first. To place the interest of the public first means that CPAs should not place themselves, their client or their employer’s interest above the public. Many business dilemmas involve managers, CPAs, and/or top management who have placed their interest above the public’s interest. An example of an accounting and business dilemma where the public interest was not placed first is Fannie Mae accounting scandal in 2001. Fannie Mae is the Federal National Mortgage Association, a government supported entity that assist lower and middle income Americans to buy homes. The Federal Home Loan Mortgage Corporation (Freddie Mac) also assists lower and Middle Americans to buy homes. Both supported entities gain special treatment and “aimed to increase home ownership by decreasing the cost for homeowners to borrow money.” In order for the entities to decrease the cost for homeowners to borrow money they purchased home mortgages from banks. The home mortgages are then guaranteed and then sold to investors. The treatment of the mortgages helped minimize the credit and interest risk. Fannie Mae “makes money by buying, guaranteeing, and...
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...INTRODCTION Housing is both a social good, providing core security for families, neighbourhoods, societies and communities and an economic good stimulation growth and development. The country faces acute housing shortage with a deficit of over 1 million housing units in the midst of rapid population growth and rising urban population. It is common knowledge that the Housing deficit in Ghana now stands well over one (1) million houses. To address this deficit and accommodate new households, there is the need for an annual delivery of about 150,000 units for the next 20 years. GREDA PROBLEM DEFINITION The rate of construction of homes for a number of reasons has fallen behind the growth of population in general and the number of people entering the working class. This has created a big deficit in the country's housing delivery system, particularly in the urban centers. Needs assessment survey conducted in the housing sector in the 2000's was conclusive that the ideal housing properties on high demand are 2-4 bedroom houses in view of the large family size they tend to have. The trend in population growth coupled with the rising cost of building materials has shot up the prices of houses and rent chargeable is exorbitant. The size of the market for residential properties is large as it covers Ghanaian national's resident abroad. The general consensus is that the houses constructed are of poor quality and the finishing fall short of the dream houses that potential homeowners are...
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...Introduction Homelessness is a critical issue within the United States of America. According to the United States federal law and the McKinney-Vento Homeless Assistance Act of 1987, if a person lacks a fixed, regular, or adequate nighttime residence the person is then considered homeless. The National Alliance to End Homelessness reported that on a single night in January 2015 564,708 people in the United States were considered homeless, meaning they had no place to sleep. In the 1870s the issue of homelessness in America emerged causing many homeless people to live in urban cities. In the 1930s this issue worsened due to the Great Depression, causing poverty and more than two million people were homeless and in search of work. The homeless...
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...The Section 8 program is also known as the Housing Choice Voucher Program. The program is a Federal Government housing or rent assistance program. It provides different forms of housing assistance to low income renters and even homeowners. The main people who receive this assistance are low income individuals or families who are living in poverty, the elderly, and the disabled. This program helps families to afford decent, safe, and sanitary housing. This can be single-family homes, townhouses, and apartments. The families that qualify for the assistance it pays the monthly rental fee for the homes and apartments that are located anywhere. There are many public housing agencies that certify the tenants and the people who participate in the...
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...countries or economies that have housing policies or measures to stabilize the housing markets. Provide your views or suggestions on the best measure to stabilize the housing markets that could be considered or used in Melbourne. In 2013, Melbourne’s population was 4.3 million. By the year 2030 Melbourne’s population is set to reach 6 million and by 2051 the population will jump to 7.8 million. With population growth of this magnitude the demand on housing will undoubtedly increase. In 2014, in his opening remarks at the Bundesbank/German Research Foundation/IMF Conference, Mr Min Zhu, Deputy Director of the International Monetary Fund (IMF) stated remarked: “Housing booms have different characteristics across countries and time periods. What is common is that when the bust comes, it very often damages financial stability and the real economy. The tools for containing housing booms are still being developed. The evidence on their effectiveness is only just starting to accumulate. The interactions of various policy tools can be complex. But all this should not be an excuse for inaction. The interlocking use of multiple tools might overcome the shortcomings of any single policy tool.” Indeed, as there are no magic bullets to ensure a stable housing market, it is prudent to therefore to review differing policies that are currently used by other countries to help stabilize their housing markets. In the paragraphs bellows are housing market policy examples or measures...
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