General World News

HUD’s small-dollar mortgage plan still hazy

The Department of Housing and Urban Development said it is “looking very hard” at how to make it easier to finance small-dollar mortgages, but has yet to spell out how it will accomplish that goal.

In April, HUD signaled it would take on the issue. But a senior HUD official in mid-July stated the obstacles to providing small-dollar mortgages, instead of giving solutions.

“It’s hard to get lenders to make small mortgages, because quite honestly the economics of the whole business depends on percentages,” the HUD official said.

HUD did not respond to a request seeking clarity on their details ⇒

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