October 2, 2012
On October 2, Department of Housing and Urban Development Secretary Shaun Donovan delivered a speech in Washington, D.C. regarding the state of the housing market, various housing initiatives, and the need to bring private capital back to the market. Secretary Donovan’s speech reviews the Obama Administration’s responses to the housing crisis, such as the Home Affordable Modification Program (HAMP), Home Affordable Refinance Program (HARP), Neighborhood Stabilization Program, and support for the Federal Housing Administration (FHA), among other things. In addition, Secretary Donovan highlights the Menendez-Boxer refinance legislation, Sen. Dianne Feinstein’s (D-CA) refinance legislation, and Sen. Jeff Merkley’s (D-OR) “Rebuilding Equity Act,” as well as the ongoing debate surrounding the proposed definition of a “qualified residential mortgage” (QRM).
Secretary Donovan's Speech on Housing Recovery - October 2, 2012