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  • April 9, 2009 10:07 AM EDT by Brian Sullivan

    HUD Needs To Check Their Numbers

    On the show today, HUD Secretary Shaun Donovan indicated my numbers were wrong when I asked why only one - ONE - mortgage has been modified under the Hope for Homeowners mortgage modification plan.  

    Either the Secretary needs to revisit his numbers, or his office need to revisit theirs.   

    Below is my email chain yesterday with a HUD official.  I have removed the name and email address  as a courtesy.

    I will be writing more on this later today and how the private sector plan - Hope Now - is working and succeeding while Hope for Homeowners (H4H) has done .... well ... one.

    ------

    From: 
    Sent: Wednesday, April 08, 2009 4:34 PM
    To: Sullivan, Brian
    Subject: RE: HUD Response / H-4-H

     To be part of the H-4-H program the loan has to be endorsed by FHA.

     

    From: Sullivan, Brian 
    Sent: Wednesday, April 08, 2009 4:23 PM
    To: 

    Subject: RE: HUD Response / H-4-H

     

    Thank you.

    Do the “closings” indicate the # of mortgages that have been re-worked, or is that the “FHA endorsements” figure?

     


    From: 
    Sent: Wednesday, April 08, 2009 4:20 PM
    To: Sullivan, Brian
    Subject: HUD Response / H-4-H

     

    Brian,

    Here the latest on HOPE for Homeowners:

    Applications:  865

    Closings:  51

    FHA Endorsements:  1

     

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Rick Johnson

Hi Brian - Thanks for talking with Shaun Donovan, Secretary of HUD, this morning. You did a great job. Secretary Donovan came across exactly as he is, an elitist bureaucrat. He didn't see a problem in what you asked. He was dismissive of you for your focus on mere "details". Well, what he calls "details" is what all citizens should call "results", and the answer is that people like Donovan are spending enormous amounts of our money and getting nothing for it. You are correct. The question is, the private sector is being much more successful at dealing with refinancing, so why are we wasting taxpayer dollars on these failing programs? Unbelievable. Keep up the good work.

April 9, 2009 at 12:53 pm

linda

Shouldn't they rename the program to Hope for Homeowner?

April 16, 2009 at 1:07 pm

about this blog

  • Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block. Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.

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