July 21, 2014

HUD announces new debenture rates

July 22, 2014 –The Department of Housing and Urban Development issued a notice saying the interest rate for certain debentures issued with respect to a loan or mortgage insured by the Federal Housing Administration will be 2 3/8 percent for the six-month period beginning July 1.

The debentures in question are issued under section 221(g)(4) of the National Housing Act. The interest rate for debentures under any other provisions of the law, during the same period, will be 3 ¼ percent

NAFCU staff met with key HUD policy officials last week to discuss some of the top issues affecting the credit union industry. The discussion covered the latest news for the credit union industry, government-sponsored enterprise reform and mortgage issues.

On July 9, San Antonio Mayor Julián Castro was approved by the Senate to be HUD secretary by a vote of 71-26. The next day, the Senate voted 75-22 to approve the nomination of current HUD Secretary Shaun Donovan to the head post at the Office of Management and Budget.