HUD

The Department of Housing and Urban Development is facing a leadership crisis as top jobs go unfilled, leaving key decisions unresolved.

PHH Corp. will pay the Justice Department $75 million to settle a False Claims Act investigation of its underwriting practices on government-insured mortgages and loans sold to Fannie Mae and Freddie Mac.

The U.S. population is aging, and one of the well-established components of the American dream — buying and owning a home — appears poised to aid in the baby boomers next phase of life.

The Department of Housing and Urban Development is implementing reforms to its reverse mortgage program and providing more counseling resources for seniors who are considering the product, Secretary Ben Carson said Monday.

The Trump administration's Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages.

Traditional partnerships with lenders have been eroded by compliance strains and new incentives to control more of the homebuying transaction.

While HUD has released money this year, the Trump administration has called for defunding the program as part of its proposed budget.

The Senate Banking Committee voted Wednesday to approve the nomination of Pam Patenaude to be the deputy secretary of HUD.

The HUD secretary said millennials are being shut out of the market but the purchase of a condominium unit is often the first step to homeownership.

President Trump's nominee to be the No. 2 at the Department of Housing and Urban Development faced tough questions on a proposed $6 billion cut to the department's budget.