The Department of Housing and Urban Development’s Office of the Inspector General will expand its oversight of the HECM program, ensuring it does not pose undue risk to the Mutual Mortgage Insurance (MMI) Fund, according to a statement made this week in President Trump’s proposed Fiscal Year 2020 budget request.
No further details were provided in the OIG citation that appeared on page 27 of HUD’s Budget In Brief. NRMLA will continue to monitor the situation and provide updates to members as needed.
The president’s budget request provides a blueprint for funding the administration’s policy priorities, however, Congress ultimately decides what the final funding levels will be for HUD and other federal agencies.
The president's budget request reduces HUD’s funding levels by $8.7 billion to $44.1 billion, mostly through cuts to grant programs, such as the Community Development Block Grant and HOME, that finance affordable housing and other local community revitalization activities. However, the budget also cuts funding for housing counseling, including HECM counseling, from $55 million to $45 million.
Thanks to NRMLA for this information
Marc has 36 years in financial services and 6 years in teaching.
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