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Home >> News >> Government

Facing the Housing Challenge Head–On: An Exclusive Interview with FHA Chief Edward Golding

Facing the Housing Challenge Head–On: An Exclusive Interview with FHA Chief Edward Golding

-+*Dedicated, visionary, and optimistic about the future of homeownership, Golding has spent more than 25 years in mortgage finance in both the public and private sector. Prior to joining HUD in 2013, he held several senior positions during a 23-year tenure with Freddie Mac—where he served as SVP of Economics and Policy, Program Executive of Making Home Affordable, SVP of Economics and Strategic Analysis, and SVP of Capital Oversight and Economics. Despite his busy schedule shaping the future of American homeownership, Golding sat down with us this month to address your pressing questions on the FHA, mortgage insurance, housing, down-payment assistance, and more. Editor's note: This select print feature appeared in the July 2015 edition of MReport magazine, available now.

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Job Gains Reach 223,000 in June, While Wage Growth Slows

Job Gains Reach 223,000 in June, While Wage Growth Slows

-+*Job gains totaled 223,000 in June as the unemployment rate dipped to 5.3 percent, according to the June 2015 Employment Situation released by the Bureau of Labor Statistics (BLS) on Thursday. With June's payroll increase, the average monthly job gain for the last 12 months in the United States is 250,000. Job gains in April and May were revised downward to 187,000 and 254,000, respectively, which was a combined 60,000 lower than previously reported.

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Residential Construction Spending Reaches $359.5 Billion for May

Residential Construction Spending Reaches $359.5 Billion for May

-+*More money is being put into construction to meet constant demand from consumers. The U.S Census Bureau of the Department of Commerce announced today that construction spending for May reached an estimated amount of $1,035.8 billion, 0.8 percent increase from the revised April figure of $1,027 billion. Residential construction was at a seasonally adjusted annual rate of $359.5 billion in May, 0.3 percent above the revised April estimate of $358.5 billion.

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CFPB Requests Comments on Enhanced Consumer Complaint Database

CFPB Requests Comments on Enhanced Consumer Complaint Database

-+*The Consumer Financial Protection Bureau (CFPB) has issued a request for information regarding its consumer complaint database after going live with an enhanced version of the database last week, according to the CFPB. The CFPB's new enhanced public-facing consumer complaint database, which went live on June 25, included more than 7,700 consumer accounts of complaints that consumers have had with financial companies with regards to the way their mortgages, accounts, credit cards, debt collection, and other services are handled.

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CEOs of Fannie Mae and Freddie Mac to Receive Pay Raises

CEOs of Fannie Mae and Freddie Mac to Receive Pay Raises

-+*Fannie Mae and Freddie Mac CEOs are expected to get multimillion-dollar increases to their paycheck approved by the GSE’s regulator, the Federal Housing Finance Agency (FHFA), according to recent 8K Filings (Mayopoulos and Layton) with the U.S. Securities and Exchange Commission (SEC). On June 29, 2015, the FHFA approved changes to the compensation of Fannie Mae’s CEO Timothy J. Mayopoulos, and Freddie Mac’s CEO Donald H. Layton to address recent objectives outlined by the FHFA. Both salary adjustments will go into effect on July 1, 2015.

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Veteran Spouses in Same Sex Marriages to Receive Home Loan Benefits

Veteran Spouses in Same Sex Marriages to Receive Home Loan Benefits

-+*Following the lead of the U.S. Supreme Court’s recent ruling legalizing same sex marriage nationwide, the Department of Veterans Affairs (VA) has recently announced that it will offer home loans and other benefits to the spouses and children in all same sex veteran marriages. The U.S. Supreme Court announced on June 26, 2015 in the case of Obergefell v. Hodges that the Fourteenth Amendment of the U.S. Constitution requires a State to license a marriage between two people of the same sex and to recognize a marriage between two people of the same sex when their marriage was lawfully licensed and performed out-of-State.

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OCC Names Interest Rates and Compliance Among Riskiest Issues for Banks

OCC Names Interest Rates and Compliance Among Riskiest Issues for Banks

-+*The Office of the Comptroller of the Currency (OCC) listed interest rate, underwriting, strategic, compliance, and cybersecurity as the top supervisory concerns in the Semiannual Risk Perspective for Spring 2015 released Tuesday. Based on data that covers risks to banks and federal savings associations through the end of 2014, the report, which focuses on issues that post threats to the safety and soundness of OCC-regulated institutions, noted an overall decline in revenues in profitability for all OCC-supervised institutions. The four main areas of data presented in the report are operating environment, bank condition, key risk issues, and regulatory actions.

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FHFA Reports that Guarantee Fees Have More Than Doubled Since 2009

FHFA Reports that Guarantee Fees Have More Than Doubled Since 2009

-+*Under the Housing and Economic Recovery Act of 2008 (HERA) requirements, the Federal Housing Finance Agency (FHFA) is obligated to submit an annual report to Congress concerning Fannie Mae’s and Freddie Mac’s guarantee fees. According to the FHFA report, the average level of guarantee fees charged has increased since 2009, when the report began. The guarantee fees are now two-and-a-half times their previous level from 2009 to 2014.

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GSEs Post Positive Net Income for the First Quarter

GSEs Post Positive Net Income for the First Quarter

-+*Freddie Mac, Fannie Mae, and the FHLBanks experienced a substantial increase in their net income for the first quarter. The Federal Housing Finance Agency (FHFA) released the Quarterly Performance Report of the Housing GSEs today analyzing the first quarter earnings and other contributing factors that boosted these GSEs’ incomes.

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House Subcommittee Holds CFPB Whistleblower & Discrimination Hearing

House Subcommittee Holds CFPB Whistleblower & Discrimination Hearing

-+*Witnesses presented new evidence at a recent House Subcommittee hearing that the Consumer Financial Protection Bureau (CFPB) discriminated against its employees and retaliated against the whistleblowers. It was the fourth hearing in which the CFPB's employees or former employees have testified of discrimination and retaliation within the Bureau since the investigation of such allegations began in April 2014.

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