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10/20/75 - Mortgage Bankers Association of America
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This file contains material relating to Homeownership Subsidy Program, "235 Program", Foreclosures.
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Carla A. Hills Speeches
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The original documents are located in Box 1, folder "10/20/75 - Mortgage Bankers
Association of America" of the Carla A. Hills Speeches at the Gerald R. Ford Presidential
Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box 1 of the Carla A. Hills Speeches at the Gerald R. Ford Presidential Library
FINAL
MORTGAGE BANKERS ASSOCIATION OF AMERICA
OCTOBER 20, 1975
THIS IS MY FIRST OPPORTUNITY TO ADDRESS THE MORTGAGE
BANKERS AS A GROUP, SINCE I TOOK OFFICE AT HUD.
YOUR MEMBERSHIP PROVIDES ONE OF THE MOST VITAL SOURCES
OF FINANCING IN THE HOUSING INDUSTRY,
You ARE THE NATION'S BUYERS AND BUILDERS OF HOMES.
THROUGH AMERICA'S UNIQUE SYSTEM OF FREE ENTERPRISE,
YOU STIMULATE THE FLOW OF INVESTMENT CAPITAL FROM FAR FLUNG
SOURCES OF SUPPLY TO SPECIFIC MARKETS OF DEMAND.
OF COURSE, I CAN'T SAY THAT YOU WERE EXACTLY "THRILLED"
BY MY APPOINTMENT AS SECRETARY OF HUD --
NONETHELESS, WE HAVE MUCH IN COMMON,
WE MAY NOT ALWAYS "THINK ALIKE" -- BUT WE'RE CERTAINLY
THINKING THE SAME THING.
GERALD R. FORD LIBRARY
-2-
AND, THAT IS: UNLESS ALL OF US CAN GET THIS NATION'S
HOUSING INDUSTRY OUT OF THE SEA OF DESPOND AND ONTO THE
HARD GROUND OF ENERGETIC PRODUCTION, AMERICA SIMPLY CANNOT
MEET HER COMMITMENT TO HOUSE HER POOR.
My JOB ENTAILS MANY THINGS -- MANY LAWS, MANY ISSUES
AND MANY PROBLEMS OF MANY INTEREST GROUPS.
BUT, WHEN YOU CUT THROUGH ALL THE ACCUMULATION OF STATUTES,
STATISTICS AND RHETORIC, IT BOILS DOWN TO ONE OVERRIDING CONCERN.
THERE ARE 16 MILLION AMERICANS, TODAY, WHO ARE LIVING
IN SLUM CONDITIONS --- AND IT'S MY JOB TO HELP THIS NATION
PROVIDE THEM WITH DECENT HOUSING IN A SUITABLE LIVING ENVIRONMENT.
THIS ISN'T JUST THE CONCERN OF ONE PERSON -- OR ANY
SPECIAL GROUPS OF PERSONS.
IT'S A NATIONAL PROBLEM THAT GNAWS AT THE VERY ROOTS
OF HUMANITY.
a
FORD
-3-
WHEN I TOOK THIS JOB IN MARCH, I COMMITTED MYSELF --
BOTH TO PRESIDENT FORD AND THE CONGRESS -- TO EXAMINE AND
TO USE EVERY LAWFUL MEANS NECESSARY TO HELP GET THE HOUSING
INDUSTRY BACK ON ITS FEET -- AS THE LOGICAL PREREQUISITE TO
THE ACCOMPLISHMENT OF HUD's ULTIMATE MISSION -- OF HOUSING
OUR LOWER INCOME FAMILIES.
WASHINGTON IS AWASH WITH "EXPERTS" WHO CAN TELL YOU,
AT THE DROP OF A SYLLABLE, WHAT "SHOULD" BE DONE.
My INTEREST HAS BEEN AND IS -- IN WHAT "COULD AND CAN
BE DONE".
ON FRIDAY, I ANNOUNCED THE REACTIVATION OF HUD's
HOMEOWNERSHIP SUBSIDY PROGRAM, IN REVISED FORM, TO SPUR
CONSTRUCTION AND REHABILITATION OF SINGLE-FAMILY HOMES FOR
LOW AND MODERATE INCOME FAMILIES.
PRESIDENT FORD AUTHORIZED ME TO RELEASE PREVIOUSLY
IMPOUNDED FUNDS INVOLVING $264.1 MILLION IN NEW CONTRACT
AUTHORITY -- ENOUGH TO SUBSIDIZE MORE THAN 250,000 NEW AND
SUBSTANTIALLY REHABILITATED HOUSING UNITS.
-4-
WE ESTIMATE THAT THIS INFUSION OF HUD ASSISTANCE SHOULD
STIMULATE ABOUT $6.5 BILLION IN NEW CONSTRUCTION ACTIVITY
AND RESULT IN MORE THAN 500,000 NEW CONSTRUCTION JOBS.
THIS PROGRAM WILL ALSO EXPAND HOMEOWNERSHIP OPPORTUNITIES
TO PERSONS WHO HAVE TRADITIONALLY BEEN HOMEOWNERS BUT WHO ARE
NOW PRICED OUT OF THE MARKET. THERE ARE CURRENTLY ONLY
60,000 SINGLE-FAMILY HOMES FOR SALE UNDER $30,000 AND ONLY
100,000 WERE SOLD IN THAT PRICE RANGE IN THE LAST YEAR,
OUR 235 PROGRAM IN ITS REINCARNATED FORM WILL PROVIDE
SAFEGUARDS AGAINST THE BAD-RISK FEATURES OF THE PAST,
SPECIFICALLY, WE WILL REQUIRE A 3 PERCENT DOWN PAYMENT
so THAT WITH TRANSFER COSTS, THE HOMEBUYER WILL HAVE AN
INVESTMENT IN THE HOME OF $1500 TO $2000, NOT $200 AS UNDER
THE OLD PROGRAM.
THIS WILL FOCUS THE PROGRAM ON FAMILIES WITH INCOMES
OF $9,000 TO $11,000, THE GROUP WHICH HAD THE GREATEST RECORD
OF SUCCESS UNDER THE OLD PROGRAM. IT WILL ALSO PROVIDE AN
INCENTIVE AGAINST ABANDONMENT.
-5-
WE WILL SUBSIDIZE THE INTEREST RATE DOWN TO 5 PERCENT
-- NOT 1 PERCENT AS UNDER THE OLD PROGRAM.
THIS WILL DECREASE THE DIFFERENTIAL BETWEEN AVAILABLE
INTEREST RATES AND HENCE DECREASE THE CHARGES OF INEQUITY
THAT PLAGUED THE OLD PROGRAM. IT WILL ALSO SPREAD THE
SUBSIDY ASSISTANCE TO MORE FAMILIES,
ALSO, WE WILL RESTRICT THE PROGRAM TO NEW OR SUBSTANTIALLY
REHABILITATED UNITS WHICH WILL MAXIMIZE THE IMPACT ON THE
DEPRESSED HOUSING INDUSTRY,
AND, WE WILL ENSURE THAT THE UNITS ARE DISTRIBUTED ON
A GEOGRAPHICALLY FAIR BASIS, WHICH WILL COUNTER THE COMPLAINT
THAT THE OLD PROGRAM WAS CONCENTRATED IN ONLY A FEW STATES.
FINALLY, WE WILL RESTRICT THE UNITS IN SUBDIVISIONS
TO 30 PERCENT SO AS TO PREVENT THE CONCENTRATION OF SUBSIDIZED
FAMILIES IN A HORIZONTAL GHETTO.
-6-
I'M PREPARED TO FACE THE FACT THAT EVERYBODY ISN'T
GOING TO LOVE "235". BUT, CRITICS NOTWITHSTANDING, THE
SIGNIFICANT THING ABOUT THE HOMEOWNERSHIP PROGRAM IS THAT
IT WILL HELP GET THE MACHINERY MOVING.
HOWEVER, I DIDN'T COME HERE TO SELL YOU ON HUD's NEW
HOMEOWNERSHIP SUBSIDY PROGRAM -- BUT IT DOES ILLUSTRATE
THE KIND OF COMMONALITY WE MAY EXPECT TO FIND IN OUR FUTURE
RELATIONSHIPS.
TODAY, WE BOTH ARE CRITICIZED FOR THE FACT THAT HOMES
ARE BEING FORECLOSED, INCLUDING HOMES CONSTRUCTED UNDER THE
OLD 235 PROGRAM, ABOUT 25 PERCENT OF OUR SINGLE-FAMILY
INVENTORY ARE 235s.
SOME OF THE PROBLEMS STEM FROM THE PROGRAMMATIC DEFECTS
WHICH THE CHANGES I JUST DESCRIBED ARE MEANT TO CORRECT.
BUT, SOME OF THE PROBLEMS GROW FROM POOR PRACTICES,
WHICH WE BOTH NEED TO ADDRESS.
-7-
YOURS IS AN HONORED AND HONORABLE PROFESSION.
You HAVE EVERY RIGHT TO EXPECT THE BODIES OF GOVERNMENT,
WITH WHICH YOU MUST DEAL, TO SPELL OUT PRECISELY WHAT THEY
REQUIRE OF YOU IN THE COURSE OF SUCH DEALINGS,
I WILLINGLY ACCEPT THAT OBLIGATION ON THE PART OF HUD.
THE UNITED STATES GOVERNMENT, IN TURN, -- IN ITS MORAL
OBLIGATION TO ALL THE AMERICAN PEOPLE -- HAS THE RIGHT TO
EXPECT THOSE WHO SERVE THE NATION THROUGH THOSE GOVERNMENT
BODIES, TO REGULATE THEIR OWN INDUSTRIES IN THE HIGHEST
TRADITION OF TRUE PROFESSIONALISM.
SELF-REGULATION IS MORE THAN A CATCH WORD, IT IS A
REAL RESPONSIBILITY.
THERE'S LITTLE FUTURE IN AGONIZING OVER WHAT USED TO
BE -- OR MIGHT HAVE BEEN. NOSTALGIA IS A NICE FEELING
DURING A COZY CHAT BY AN OPEN HEARTH.
BUT -- WHEN I WAS CALLED TO TESTIFY IN THE HOUSE, ON
MORTGAGE SERVICING AND PROPERTY DISPOSITION, TWO WEEKS AGO
THE CONGRESSMEN ON THE GOVERNMENT OPERATIONS COMMITTEE WERE
TALKING ABOUT THE STARK REALITIES OF "TODAY".
-8-
THEY KNEW ALL ABOUT WHERE WE'VE BEEN -- THEIR ONLY
INTEREST WAS IN WHERE WE'RE GOING.
ON THE CHARGE THAT HUD AND MORTGAGEES SEEMED TO BE TOO
CLOSE FOR COMFORT, I ANSWERED THAT THIS IS A TWO-WAY STREET
AND IF WE EVER CLOSED IT DOWN HUD's MISSION WOULD BE THE
LOSER IN THE LONG HAUL.
HUD's PROGRAMS HAVE TO BE FINANCIALLY ATTRACTIVE ENOUGH
TO SATISFY THE FIDUCIARY OBLIGATIONS OF THE MORTGAGEE, AND,
AT THE SAME TIME, THE MORTGAGEE MUST COMPLY WITH THE HUD
STANDARDS THAT SATISFY ITS MANDATED OBLIGATION TO THE AMERICAN
TAXPAYER AND THE AMERICAN HOMEBUYER,
You CAN'T ACCOMPLISH EITHER END, SITTING IN AN ISOLATION
BOOTH.
So, LET ME TELL YOU EXACTLY WHAT HUD EXPECTS OF MORTGAGEES
WHO WILL PARTICIPATE IN HUD MORTGAGE INSURANCE PROGRAMS.
OUR REQUIREMENTS DEAL WITH THE THREE MAJOR ASPECTS OF
LENDER PERFORMANCE: ORIGINATION, SERVICING AND PRESERVATION
OF PROPERTIES,
-9-
I'M AWARE, OF COURSE, THAT ALL OF YOU WON'T BE ENTHUSIASTIC
ABOUT EVERY ONE OF THE REQUIREMENTS. BUT AT LEAST WE'LL KNOW
WHERE EVERYBODY STANDS IN CASE YOU DECIDE TO EXERCISE YOUR
INDIVIDUAL AMERICAN PRIVILEGE AND REFRAIN FROM DOING BUSINESS
WITH HUD.
THOSE OF YOU WHO HAVE BEEN APPROVED TO PARTICIPATE IN
HUD PROGRAMS, HAVE ALREADY RECEIVED A LETTER FROM HUD,
STRESSING YOUR OBLIGATION TO FOLLOW SOUND UNDERWRITING
PRACTICES.
WE HAVE ALSO INSTITUTED A NATIONWIDE SYSTEMS CHECK OF
BORROWER RELIABILITY -- EMPLOYMENT, DEPOSIT ACCRUAL, AND
CREDIT RATING.
HUD MORTGAGE CREDIT EXAMINERS IN THE FIELD, NOW RUN AN
INDEPENDENT VERIFICATION OF BORROWER DATA ON AT LEAST 10
PERCENT OF INSURANCE APPLICATIONS WE RECEIVE FROM LENDERS,
IF IT SOUNDS ROUGH, LOOK AT THE RECORD -- AS HUD HAS
BEEN FORCED TO DO -- UNDER THE PUBLIC SPOTLIGHT,
-10-
IT IS NOT ENOUGH TO SAY THAT THE CULPRITS IN THE PAST
REPRESENTED ONLY A MINIMAL FRACTION OF THE MORTGAGE INDUSTRY.
THE HEADLINES FAILED TO NOTE THAT DISTINCTION -- AND THE
BRUSH TARRED THE ENTIRE INDUSTRY.
MORE OFTEN THAN NOT, IT ISN'T "INTENT" THAT BRINGS ON
MOST OF THE PROBLEMS -- IT'S LACK OF LENDER/BORROWER
COMMUNICATION. AND, WHETHER HE WILLS IT OR NOT, THE OBLIGATION
BEGINS WITH THE LENDER,
So, HUD NOW "REQUIRES" LENDERS TO ACCEPT TOLL-FREE OR
COLLECT CALLS FROM BORROWERS WHO LIVE OUTSIDE OF THE LENDER'S
METROPOLITAN AREA.
THE LENDER MUST ALSO TRY TO ESTABLISH A FACE-TO-FACE
INTERVIEW WITH THE BORROWER BEFORE THE LOAN BECOMES 60 DAYS
DELINQUENT. IN SHORT, IT MUST BE CLEARLY EVIDENCED THAT
THE UNCOOPERATIVE PARTY IS THE BORROWER.
HUD REQUIRES THE LENDER TO PROVIDE A DEFAULTING MORTGAGOR
WITH AN INFORMATIONAL BOOKLET SHOWING THE BORROWER HOW TO
RESOLVE THE PROBLEM.
-11-
IT IS NOT NECESSARY, HERE, TO TRACE THE HEADLINED
HISTORY OF COMPLAINTS OVER FORBEARANCE AND FORECLOSURE.
THE MORTGAGE BANKER WAS THE CLASSIC SCAPEGOAT LONG BEFORE
THE VILLAIN CHAINED LITTLE NELL TO THE RAILROAD TRACKS,
MOST OF YOU ARE ALREADY DOING WHAT HUD NOW REQUIRES,
BUT LET ME ENUMERATE THE THREE REGULATIONS:
(1) THE LENDER IS PROHIBITED FROM INITIATING
FORECLOSURE UNTIL THE BORROWER IS AT LEAST
A FULL THREE MONTHS BEHIND IN HIS PAYMENTS,
(2) FORECLOSURE IS FORBIDDEN ON THE BASIS OF
UNPAID "LATE CHARGES" ALONE,
(3) AND, WE NOW REQUIRE LENDERS TO ACCEPT
PARTIAL PAYMENTS WHEN THE AMOUNT PAID IS
AT LEAST 50 PERCENT OF THE TOTAL AMOUNT
DUE ON A DEFAULTED MORTGAGE.
THE RULES PROVIDE FOR EXCEPTIONS:
-12-
(A) WHERE THE BORROWER HAS PAID NOTHING FOR
FOUR FULL MONTHS.
(B) WHERE THE DELINQUENCY SPANS A CONTINUING
SIX MONTHS.
(c) AND, IF THE MORTGAGOR BREACHES A FORBEARANCE
AGREEMENT.
THE WHOLE OBJECT, OBVIOUSLY, IS TO KEEP THE RESPONSIBLE,
ALBEIT TEMPORARILY STRAPPED, MORTGAGOR IN HIS HOME, ACHIEVING
THIS OBJECTIVE WILL PUT A BIG DOWN PAYMENT ON YOUR INDUSTRY'S
IMAGE OF FAIRNESS AND INTEGRITY WITH THE PUBLIC,
THE ISSUE OF FORBEARANCE LEADS DIRECTLY BACK TO THE
OBLIGATION OF. PURSUING SOUND UNDERWRITING PRACTICES.
THOSE FACTS THAT MADE THE BORROWER A GOOD RISK TO BEGIN
WITH -- SHOULD MAKE HIM A FAIR CANDIDATE FOR SOLVING HIS
INTERIM SET-BACKS.
-13-
IF HE'S REALLY SUCH A BAD RISK, PERHAPS HE SHOULDN'T
HAVE GOTTEN THE MORTGAGE IN THE FIRST PLACE.
THE NEXT MAJOR REGULATION SEEKS TO PROTECT THE INSURANCE
FUNDS AND THE PHYSICIAL CONDITION OF OUR NEIGHBORHOODS, HUD
NOW REQUIRES THE LENDER TO PRESERVE AND PROTECT DEFAULTED
PROPERTIES UNTIL THEY ARE ACTUALLY CONVEYED TO HUD ON AN
INSURANCE CLAIM.
HUD WILL REIMBURSE THE LENDER FOR THE EXPENSE INCURRED
IN COMPLYING WITH THIS RULE. BUT, WE HAVE NO CHOICE EXCEPT
TO PROTECT OUR INSURANCE FUNDS, AND I INTEND TO SEE THAT WE
DO EXACTLY THAT.
WE HAVE DIRECTED OUR AREA MANAGERS TO MAKE AN ON-SCENE,
PHYSICAL INSPECTION OF EVERY DEFAULTED PROPERTY WITHIN FIVE
DAYS OF ITS CONVEYANCE TO HUD.
BEYOND THESE MEASURES AND ACTIONS AIMED AT SPECIFIC
AREAS OF POTENTIAL ABUSE, I HAVE ESTABLISHED SOME STRICT
NEW HOUSE RULES TO UP-GRADE HUD's MORTGAGEE MONITORING
CAPABILITY.
-14-
THIS IS NOT ANOTHER EXERCISE IN THE "BIG BROTHER WATCHING
YOU" SYNDROME.
WHEN THE COMPLAINTS ROLL IN, THEY DON'T JUST AFFECT THE
IMAGE OF THE MORTGAGE BANKER -- THEY UNDERCUT HUD's ENTIRE
MISSION AND THREATEN THE VERY INSTRUMENT THROUGH WHICH WE
DO BUSINESS TOGETHER ON BEHALF OF AMERICA'S HOMEBUYERS.
WE'RE NOT PLAYING A "BLAME THE INDUSTRY GAME". WE HAVE
TO KNOW -- AND, I'M SURE YOU WANT TO KNOW -- IF, WHERE, WHY
AND HOW ANY ALLEGATION OF MORTGAGEE MISCONDUCT IS ACTUALLY
TRUE,
IF THE ANSWER IS POSITIVE, IT SERVES YOUR INTEREST AND
HUD's INTEREST TO CUT THE INDIVIDUAL MALFEASANT OFF BEFORE
HE BRINGS ALL OF US DOWN, AND, PREFERABLY, BEFORE ANY PUBLIC
ALLEGATIONS ARE MADE.
THUS, I HAVE ASKED HUD's INSPECTOR GENERAL TO DOUBLE
THE NUMBER OF ANNUAL MORTGAGEE AUDITS TO APPROXIMATELY 100.
-15-
IN ADDITION, WE HAVE PROGRAMMED A COMPUTER MONITORING
SYSTEM THAT WILL PRODUCE INSTANT, UP-TO-DATE AND SPECIFIC
READINGS ON THE FORECLOSURE RATES OF INDIVIDUAL MORTGAGEES
ON HUD's "APPROVED" ROLLS,
THIS DATA WILL HELP DETERMINE OUR AUDIT AND REVIEW
AGENDA. WE KNOW FULL WELL THAT THE "DATA", BY ITSELF,
PROVES OR DISPROVES NOTHING.
A HIGH FORECLOSURE RATE MAY SIMPLY PROVE THAT THE
LENDER IS ACTIVE IN THE HIGH RISK AREA OF A CENTER CITY --
OR IT MAY INDICATE A PERFECTLY APPROPRIATE SERVICE ACTIVITY
TO COLLECT ON DELINQUENT ACCOUNTS THAT HAVE GONE BEYOND
REASONABLE LIMITS.
FINALLY, I HAVE ESTABLISHED A MORTGAGEE REVIEW BOARD
WHICH HAS THE FINAL, DELEGATED AUTHORITY TO MOVE FOR, OR
AGAINST, THE MORTGAGEE ON MISCONDUCT CHARGES. THE BOARD
COMPRISES: THE ASSISTANT SECRETARY FOR HOUSING PRODUCTION
AND MORTGAGE CREDIT-FEDERAL HOUSING COMMISSIONER, THE
ASSISTANT SECRETARY FOR HOUSING MANAGEMENT, THE GENERAL
COUNSEL AND THE INSPECTOR GENERAL.
#
FORD
GENALD
-16-
THE BOARD WILL CONSIDER AUDIT REPORTS, CONSUMER COMPLAINTS
AND ON-SITE INSPECTION REPORTS, HUD FIELD OFFICES ARE
REQUIRED TO REPORT TO THE BOARD IMMEDIATELY ALL INSTANCES
OF QUESTIONABLE MORTGAGEE BEHAVIOR.
THIS IS NOT -- AND WILL NOT BE -- AN INQUISITION.
IT'S THE BOARD'S DUTY TO HEAR ALL SIDES, FAIRLY AND
HONESTLY. INDEED, EVERY DECISION MUST BE UNANIMOUS. IN
ALL CASES, THE MORTGAGEE WILL BE AFFORDED DUE PROCESS BEFORE
HUD APPROVAL IS WITHDRAWN, HE HAS THE RIGHT TO APPEAL TO
A HEARING OFFICER, AND ULTIMATELY, TO THE SECRETARY,
WE'RE LOOKING FOR TOTAL INDUSTRY PERFORMANCE -- NOT
SCAPEGOATS,
IN THE FINAL ANALYSIS, IT IS IN THE INTEREST OF A HEALTHY
HOUSING INDUSTRY THAT WE HAVE A HEALTHY AND CONTINUING SOURCE
OF PRIVATE INVESTMENT CAPITAL TO BACK UP THIS VITAL, FREE
AMERICAN ENTERPRISE.
WE CAN'T HAVE ONE WITHOUT THE OTHER.
(
-17-
AND, IF WE HAVE NEITHER, THIS NATION MUST ABANDON ALL
HOPE OF ACHIEVING THE GOAL OF PROVIDING DECENT HOUSING IN
A SUITABLE LIVING ENVIRONMENT FOR ALL AMERICANS -- PARTICULARLY
FOR PERSONS OF LOW AND MODERATE INCOME.
AND, IF THAT SOUNDS LIKE THE PREAMBLE TO HUD's MISSION
-- AND MY JOB -- IT IS.
THANK YOU VERY MUCH,