HUD Stresses Preservation and Protection at Homeownership Summit

Jackson lays out six areas of agreement for renewing confidence in the homebuying process

WASHINGTON - The U.S. Department of Housing and Urban Development today hosted a Homeownership Summit with leading stakeholders in the housing community to discuss the impact of risky, high-priced loans, departmental actions against predatory lending and how modernizing the Federal Housing Administration will provide a safer alternative to exotic mortgages. Delivering the keynote address, HUD Secretary Alphonso Jackson laid out seven areas of agreement for preserving and protecting homeownership, helping new homeowners keep their homes and vastly improving lending practices.

"We must make the American Dream a realistic possibility for as many Americans as possible," said Secretary Jackson. "This is not an option; it is a duty. And that goes beyond policy-makers and regulators. It is a shared duty with investors, associations, consumers, and communities themselves."

Today's summit invited over 150 investors, consumer advocates, decision-makers and key advisors to assess the current housing situation and offer up recommendations. Secretary Jackson noted that all in attendance share the goal to make this an ownership society and achieving this goal begins with the recognition of common ground.

"HUD has vigorously investigated and prosecuted predatory lending. We have restrained or stopped several companies engaged in questionable practices. We must give consumers the highest possible confidence in the housing purchasing process. I believe we must create an extremely high expectation of transparency and honesty for lending on all levels and by all lenders," Jackson added.

For the full Homeowner Summit article please visit www.hud.gov/news.