Special offer

San Antonio Mayor, Julian Castro Confirmed As The Next HUD Secretary

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

headshots_castro

On Thursday July 9th. the U.S. Senate cleared the way for the new head of the U.S. Department of Housing and Urban Development (HUD) to be appointed.  On a vote of 71-26  San Antonio Mayor, Julian Castro Was Confirmed As The Next HUD Secretary by the Senate.  Mr. Castro's conformation was on a bi-partisan vote, and received 20 more votes than he needed.

Personally I wish Mr. Castro the best of luck and hope he succeeds in turning things around at HUD, the Housing Market cannot afford for him to fail.  Hopefully Mr. Castro will be more willing to listen to the Lending Industry then his predecessor Shaun Donovan was, on what needs to happen to make FHA a viable mortgage program again.  Donovan half heard the Lending Industries outcry for FHA to roll their Monthly Insurance Premium (MIP) to a more reasonable level, and proposed a compromise which falls short of what is needed in my opinion.

While FHA has a number of issues Mr. Castro will have to tackle, the MIP issue needs to take top priority.  With the MIP being not only as high as it is and not being able to be canceled on most FHA loan, many First Time Homebuyers have either been eliminated from purchasing a home or have had their purchasing power greatly reduced.  A Housing Industry recovery will be very difficult with the present FHA Guidelines, and MIP structure.

I hope San Antonio Mayor, Julian Castro Confirmation As The Next HUD Secretary is good news, and he succeeds in accomplishing what his predecessor Shaun Donovan failed to do, and listens to the Housing and Lending Industries for a change.

 

 

**********************************************************************************************

 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Posted by

George Souto
NMLS# 65149

C (860) 573-1308
CALL 7 Days/Wk
Fax (860) 760-6891

Email Me
About Me
My Blog

I am a Mortgage Loan Officer who can assist you with all your mortgage & refinancing needs in
CT, and RI

I can assist you with your Conventional,
FHA, CHFA, VA, USDA, & 203K loan programs.

I reside in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Haddam. E. Haddam, Higganum, Chester, Essex, Deep River.

 

Comments(6)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

This is wrong.  It's just plain wrong.  HUD has made a profit on MIP for about 8 years now that I can recall.

That's wrong.  Just plain wrong.

Jul 12, 2014 01:14 AM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello George,

MIP should not even exist...it's just a tax, plain and simple.  Either give a home buyer a loan or don't, this private mortgage insurance has always been a scam.

Jul 12, 2014 02:15 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lenn I agree and the 1.30 & 1.35 MIP factors are way to high.  I needs to change and a return back to common sense.

Lisa, 1.75% UpFront Fee is a tax/scam.  The MIP I can some what understand, but they are ripping off Borrowers at the current extremely high factors.

Jul 12, 2014 03:45 AM
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

The good news is I can't see it getting any worse than it was with Donovan at the helm.  We saw the best program to support the housing industry turn into one of the worst in just a few short years.  Annual PMI needs to get back to former levels in the .5 ballpark - current levels are not supporting home ownership.

Jul 12, 2014 06:19 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Well.... he was endorsed by NAR. He represented the Hispanic population which is huge in Texas and let's hope the change is positive. Only time will tell. Let's hope true change will come for the greater good.

Jul 12, 2014 12:02 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

George, let's hope the new blood will bring new and needed changes.  If he listens to those who know, and he acts accordingly, Julian Castro will make positive changes which are necessary.

 

 

Jul 12, 2014 12:56 PM