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New HUD Chief Calls for Transparency

NEW YORK CITY-Saying there's opportunity in crisis, former NYC housing commissioner Shaun Donovan describes current HUD programs as a generation behind where they should be.

By Cody Lyon | Updated on February 16, 2009

NEW YORK CITY-The economic crisis provides enormous opportunity for change and transformation in federal housing policy, the new Secretary of Housing and Urban Development said here on Friday. “If we waste it, we won’t have anyone to blame but ourselves,” said HUD Secretary Shaun Donovan, the keynote speaker at a conference sponsored by New York University’s Furman Center for Real Estate and Urban Policy.

New York City’s housing commissioner–until his appointment by the Obama administration–Donovan told his NYU audience that 95% of housing liquidity must come from GSEs or FHA. Among other things, Donovan spoke to the need for broad industry-wide loan modifications, targeted bankruptcy reforms, greater synergies between municipalities to fight blighted areas and the insurance of capital availability for purchasing mortgages as well as opening up HUD’s programs to private capital.

“HUD’s programs are a generation behind where they should be,” Donavon told the audience. He added that the mortgage system was also due for a makeover and that the process should be transparent, fair and simple to the average consumer.

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