Monday, April 11, 2011

Meanwhile, back at the AARP lawsuit

So the AARP sues HUD, alleging its reverse mortgage rules allow demands to be made of borrowers' surviving spouses for more than the market values of their shared homes. HUD responds by taking back its Mortgagee Letter 2008-38. Reverse mortgage dealers become more confused than before. Meanwhile, the lawsuit continues. A week later, the big media notice. Reverse Mortgage Daily, which was covering this stuff all along, slaps together a roundup of the big-name coverage with restrained amusement, especially at this from HUD's eternally opaquely loyal Brian Sullivan:
"While it seems to be pretty obvious AARP’s lawsuit pushed HUD to rescind the guidance, Brian Sullivan, a spokesman for HUD, told Bloomberg the policy change was unrelated to the lawsuit. “We recognized there was some confusion on the issue, and we wanted to make sure that the ultimate sale of the property is market-based and reflects the property’s real value,” he said."

No comments:

Post a Comment