{"id":6793,"date":"2019-12-09T15:43:51","date_gmt":"2019-12-09T15:43:51","guid":{"rendered":"https:\/\/chenoafund.org\/?p=6793"},"modified":"2026-03-24T15:14:39","modified_gmt":"2026-03-24T15:14:39","slug":"cbc-mortgage-agency-lauds-chairman-lacy-clays-questioning-on-down-payment-assistance","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/cbc-mortgage-agency-lauds-chairman-lacy-clays-questioning-on-down-payment-assistance\/","title":{"rendered":"CBC Mortgage Agency Praises Lacy Clay on DPA"},"content":{"rendered":"

Clay Questioned FHA Commissioner Brian Montgomery; Underscored Collecting Data on Individual Government Entities as Paramount to Extending DPA Assistance to Minority Communities<\/em><\/p>\n

CBC Mortgage Agency (CBCMA) today applauded Chairman Lacy Clay (D-Mo.) of the House Financial Services Subcommittee on Housing, Community Development & Insurance for his supportive remarks regarding down payment assistance (DPA) programs. During the subcommittee hearing entitled, \u201cAn Examination of the Federal Housing Administration and its Impact on Homeownership in America,\u201d Rep. Clay questioned Brian Montgomery, commissioner of the Federal Housing Authority, to elaborate on the importance of DPA programs.<\/p>\n

Below is an excerpt of the exchange:<\/p>\n

Congressman Clay: \u201cIt appears that HUD can\u2019t determine which government programs are providing down payment assistance on any FHA loan, which is critical before attempting to issue new regulations of government down payment assistance programs. Will you commit to not moving forward on any rule making or other administrative changes related to down payment assistance provided by governmental entities until HUD is able to collect data on individual governmental entities and has analyzed a statistically significant amount of data on the performance and pricing of FHA loans with down payment assistance from each specific governmental entity?\u201d<\/em><\/p>\n

Commissioner Montgomery: \u201cThank you, Mr. Chairman. As you know payment assistance has a long history at FHA\u2026I just want to make sure that any down payment assistance provider is doing so within what our rules permit. Whether it\u2019s a jurisdictional, whether it\u2019s whether or not they financially benefit off the transaction which HERA doesn\u2019t permit. So, I will commit to any effort to undertake rule making will be deliberate, it will be based on research and facts as we know it.\u201d<\/em><\/p>\n

\u201cIt is crucial that HUD collect data on individual government programs before trying to regulate them,\u201d said Michael Whipple, vice president of CBCMA, noting that HUD recently issued a Notice for Proposed Rule Making<\/a>, indicating that the agency intends to move forward with rule making in January. \u201cOnly by accurately tracking the performance and pricing of loans originated by each government entity can HUD better manage their risk and protect taxpayers.\u201d<\/p>\n

CBCMA provides secondary financing to homebuyers receiving loans from the FHA. Earlier this year, HUD initiated a major policy change<\/a> that would have effectively ended or significantly reduced many DPA programs run by government entities \u2014 but without doing anything to protect the FHA Mutual Mortgage Insurance Fund. HUD did this without any data to support its actions. Following a legal dispute, a federal judge stayed<\/a> HUD\u2019s ability to enforce its new policy, and ultimately the agency withdrew<\/a> it.<\/p>\n

\u201cHad HUD gotten its way, groups like CBCMA would have been put out of business, and borrowers would have suffered,\u201d continued Whipple. \u201cWe hope that Commissioner Montgomery\u2019s response indicates he intends to collect data on individual government programs before HUD engages in its announced rulemaking.\u201d<\/p>\n

About CBC Mortgage Agency<\/strong>
\nCBCMA provides secondary financing to borrowers, who are receiving loans insured by the Federal Housing Administration (FHA). CBCMA takes great care to ensure that the FHA loans perform well, including providing education as well as 12 months of counseling to borrowers after the purchase of their home. In addition, CBCMA regularly reviews its credit standards to ensure that the borrowers it assists are credit worthy.\u00a0 CBCMA is a wholly owned subsidiary of Cedar Band Corporation, a federally chartered tribal corporation wholly owned by the Cedar Band of Paiutes, a federally recognized American Indian band. For more information about CBCMA and its programs, visit chenoafund.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Clay Questioned FHA Commissioner Brian Montgomery; Underscored Collecting Data on Individual Government Entities as Paramount to Extending DPA Assistance to Minority Communities CBC Mortgage Agency…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37],"tags":[451],"class_list":{"0":"post-6793","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-chenoa-talk","7":"tag-chairman-lacy-clay"},"yoast_head":"\nCBC Mortgage Agency Praises Lacy Clay on DPA - CBC Mortgage Agency<\/title>\n<meta name=\"description\" content=\"Chenoa Fund highlights CBC Mortgage Agency's support for Chairman Lacy Clay's advocacy on down payment assistance in mortgage financing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chenoafund.org\/cbc-mortgage-agency-lauds-chairman-lacy-clays-questioning-on-down-payment-assistance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBC Mortgage Agency Praises Lacy Clay on DPA - 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