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Inside Washington (01/12/2011)
* WASHINGTON (1/13/11)--The National Council on Aging (NCOA) is conducting a pilot project with U.S. Department of Housing and Urban Development (HUD) and the National Reverse Mortgage Lenders Association (NRMLA) to help reverse mortgage borrowers struggling to pay property taxes and homeowners insurance. “While reverse mortgages can help seniors to stay at home, these funds may be depleted over time,” said Barbara Stucki, vice president for home equity initiatives at NCOA. “With economic conditions putting pressure on many of these borrowers, we want to assess the services and supports to help them remedy their delinquencies and stay at home.” By partnering with senior service agencies in Miami, Houston, Detroit and Los Angeles, NCOA, HUD, and NRMLA will identify ways to assist seniors with reverse mortgages who are most at-risk for foreclosure by not keeping up with their borrower obligations. Case managers from the community partner agencies will work with reverse mortgage borrowers to pursue local tax relief options and identify other financial, legal, and housing solutions to resolve delinquencies. If appropriate, case managers will also help borrowers who need to move to other housing options, such as affordable housing or supportive-housing developments … * WASHINGTON (1/13/11)--Four U.S. House Democrats are raising questions about bad loans sold to Fannie Mae and Freddie Mac (American Banker Jan. 12). The two government-controlled mortgage companies have recovered $3.3 billion for taxpayers by reaching settlements in recent weeks with Bank of America Corp. and Ally Financial Inc. Rep. Maxine Waters (D-Calif.) questioned in a letter whether the settlements “represent the real liability [Fannie and Freddie] bear as a result of the misrepresentations and breaches of warranty” made by Bank of America and Ally Financial. The letter was addressed to Edward DeMarco, the acting director of the Federal Housing Finance Agency, which oversees Fannie and Freddie. The letter was also signed by three other members of the House Financial Services Committee--Reps. Brad Miller (D-N.C.), Keith Ellison, (D-Minn.) and Stephen Lynch, (D-Mass.) … * WASHINGTON (1/13/11)--The U.S. Small Business Administration announced the appointment of Patricia Brown-Dixon to be regional administrator for Region VII, which encompasses Iowa, Kansas, Missouri, and Nebraska. Brown-Dixon has worked for the U.S. General Services Administration (GSA) for more than 25 years. Currently, she serves as director of the Heartland Office of Small Business Utilization, where she is responsible for managing the agency’s efforts to support small businesses in the region. As Region VII administrator, Brown-Dixon will oversee SBA operations throughout its district offices in Des Moines, Iowa; St. Louis and Kansas City, Mo.; Omaha, Neb.; and Wichita, Kan…


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