HUD Archives: News Releases

Reaction to HUD's Homebuyer Protection Plan

Congressman Joseph P. Kennedy II of Massachusetts, Ranking Minority Member of the House Subcommittee on Housing and Community Opportunity: "Today's initiatives reinforces public confidence that homes financed by FHA meet sound appraisal and structural guidelines, and that fair and reasonable efforts will be made to keep homeowners in their homes."

Marc C. Smith, President of the Mortgage Bankers Association of America: "The Mortgage Bankers Association applauds the Department of Housing and Urban Development for addressing the problem of improper appraisals - an economic risk for all homebuyers. While the majority of appraisals are correct, an incorrect appraisal can place an undue financial burden on homebuyers, lenders and insurers."

Kent W. Colton, Chief Executive Officer and Executive Vice President of the National Association of Home Builders: "FHA plays a vital role in helping families achieve homeownership. The National Association of Home Builders is very pleased to see FHA taking decisive steps to improve the quality of homes that are purchased and to help families stay in their homes in times of distress."

Michael A. Quinn, Senior Vice President-Credit Loss Management, of Fannie Mae: "I understand that the Department's Request for Proposal will look at both the auction and the fee for service methods for disposition of single-family properties. We are encouraged that the Department is looking at both. Like HUD, many commercial and governmental owners of residential real estate are considering outsourcing property disposition to speed the return of the properties to the market and to lower their transaction costs."

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