President Trump this week issued a memorandum that directs the Secretary of Housing and Urban Development to develop a housing reform plan that recommends changes to HUD, FHA and Ginnie Mae programs, and addresses the financial viability of the HECM program.
“The President is formally asking HUD and Treasury to put together a plan of action focused on reducing taxpayer risk; expanding the private sector’s role; and modernizing government housing programs,” according to a press statement from HUD.
HUD has been asked to submit its plan to the President for approval as soon as practicable and to indicate what reforms the administration can implement on its own and which others require congressional approval.