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Committee Members Raise Concerns FHA is Putting People into Homes They Can’t Afford to Keep

| Posted in In Case You Missed It

During yesterday’s hearing with the secretary of Housing and Urban Development, members of the Financial Services Committee continually raised concerns that misguided Washington policies are hurting taxpayers and homebuyers by putting them into homes they can’t afford to keep.  The Federal Housing Administration (FHA) is today using many of the same practices employed by subprime…

Ex-Im’s project for Australia’s ‘corporate welfare queen’ reportedly ‘set for very large losses’

| Posted in Member Corner

Several months ago this blog noted that Australia’s richest citizen secured a nearly $700 million loan for a new mining project from American taxpayers thanks to the U.S. Export-Import. Now the Australian Business Review is reporting that the project “is set for very large losses.” In the short term, the capital costs for Gina Rinehart’s Roy Hill mine are almost certain to…

Committee Hearing Schedule for the Week of February 9th

| Posted in Press Releases

Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced the committee’s hearing schedule for this week: Wednesday, February 11 at 10:00 A.M. - A full committee hearing with Housing and Urban Development Secretary Julian Castro to discuss the financial status of the Federal Housing Administration.  This hearing will take place in room HVC-210 of the House Visitors…

FSC Majority | Week in Review

| Posted in Member Corner

Subcommittee Examines Legal and Ethical Violations at HUD The Oversight and Investigations Subcommittee heard testimony at its hearing on Wednesday that senior officials at the Department of Housing and Urban Development broke federal law and faced minor consequences for various ethical and legal violations. In its coverage of the hearing testimony, the Washington Post reported the…

Subcommittee Examines Legal and Ethical Violations at HUD

| Posted in Press Releases

Senior officials at the Department of Housing and Urban Development (HUD) – some of whom were presidentially-appointed and Senate-confirmed – broke federal law and violated employment practices, according to investigators from HUD’s Office of Inspector General and the Government Accountability Office (GAO). In testimony today before the House Financial Services Subcommittee on Oversight…

Subcommittee to Examine Allegations of Wrongdoing at HUD

| Posted in Press Releases

Allegations that senior HUD officials violated federal law and obstructed investigators’ efforts to uncover potential wrongdoing will be discussed at tomorrow’s 10 a.m. hearing of the Financial Services Subcommittee on Oversight and Investigations. Both HUD’s inspector general and the Government Accountability Office (GAO) have recently investigated and reported on potential ethical…

FSC Majority | Week in Review

| Posted in Member Corner

Washington ‘Rolling the Dice’ Again on Risky Housing Schemes At a hearing on Tuesday, members of the committee voiced their strong concerns to the Director of the Federal Housing Finance Agency regarding recent FHFA actions that could repeat the same mistakes that led to the financial crisis. "Contrary to the fable told by the left, the root cause of the financial crisis was not…