* WASHINGTON (9/5/08)--New Small Business Administration (SBA) disaster loan rules will not be effective until 2009. However, Steven G. Smith, head of the SBA office of disaster strategic planning, said the SBA can handle up to 15 times its normal loan volume even though the Midwest has been flooded and the Gulf Coast is recovering from hurricanes Gustav and Fay (American Banker
Sept. 4). The SBA bill was enacted in May, allowing the agency to create rules governing how banks can make the loans. If more storms hit the country, the SBA might be pressured to implement the program sooner, said Jaret Seiberg, Stanford Group Co. policy analyst ... * WASHINGTON (9/5/08)--The Department of Housing and Urban Development (HUD) has implemented a final rule
on home equity conversion mortgages (HECM). The rule adopts an interim rule making two technical changes to HUD's HECM program, according to the Federal Register
(Sept. 4) The interim rule extended the date for calculating the maximum claim amount in the HECM program from the date of the underwriter's receipt of the appraisal report to the date of closing ...