14 The Hampton Roads Messenger
Volume 10 Number 11
Cross chosen as first female pastor to lead Saint Paul AME in 129 years
July 2016
FHA announces changes for distressed notes sales program
WASHINGTON - The U.S.
Department of Housing and Urban Development (HUD) announced recently that it is making a series of enhancements to the Department's Distressed Asset Stabilization Program (DASP) that would have purchasers of severely delinquent mortgages offer qualified borrowers principal reductions and protection from "payment shock." Certain families with distressed mortgages insured by the Federal Housing Administration (FHA) may soon be eligible for a reduction of their outstanding loan amounts should their mortgages be sold through DASP.
In addition, FHA's latest Reverend Dr. Oretha Cross NEWPORT NEWS, VA –
Saint Paul African Methodist Episcopal Church is having a “Welcome Reception” to celebrate the appointment of its, new pastor, the Reverend Dr. Oretha Cross. She was appointed at the closing of the 150th session of the Virginia Annual Conference of the African Methodist Episcopal held May 10-13, 2016 at the
Marriott March 2014 City Center, Newport
News, VA. She is the first “Female Pastor” assigned to St. Paul since its inception 129 years ago! The previous Pastor, The Reverend Donald F. White, recently retired after an Eight Year Tenure.
The church will welcome her
to the community with a reception to be held at the church, 2500 Chestnut Avenue, Newport News, Virginia, on Saturday, July 30, 2016, 2:00 p.m. According to Dr. Cross “The reception will afford me and the members of St. Paul the opportunity to meet the community and the leaders as we move to become more proactive with our outreach projects.”
Hampton Roads Messenger publisher Angela Jones, poses with actor Omari Hardwick at the 2014 CIAA Basketball Tournament Fan Experience in Charlotte, NC.
The Reverend Dr. Oretha P.
Cross, is a skilled trainer, strategic planner and project manager. A
HRM's Photos of the Month Courtesy of Saint Paul AME Church
www.hamptonroadsmessenger.com
former executive of three Fortune 500 companies, she brings years of leadership and a wealth of knowledge and experience to the church. She holds a Masters in Theology from the Samuel DeWitt Proctor School of Theology, Richmond, Virginia and a Doctorate in Education from Nova University, Ft. Lauderdale, Florida. Dr. Cross has facilitated workshops, seminars, women’s retreats and preached extensively throughout the United States, Africa and the Caribbean.
The Hampton Roads Messenger 9 Dr. Cross firmly believes that one
Congratulations to the Palmers on opening their new establishment, Palm Gardens, in Norfolk last month featuring southern cuisine, catering and banquet facilities.
of the greatest gifts a Pastor can bring to the congregational spiritual journey is to know where the people are in their season of spiritual growth, and allow the Holy Spirit to water the soul and for God to provide the increase. One of her favorite scriptures is Isaiah 40:31 “But those who wait on the Lord, Shall renew their strength; They shall mount up with wings like eagles, They shall run and not be weary, They shall walk and not faint”. (KJV)
She is the proud mother of
three adult children: Byron, Amelda, and Kimberly, along with three grandchildren, Ashley and twins, Mikel and Milak.
Congratulations to these BankOn Virginia Beach graduates! New classes begin next month.
enhancements prohibit investors from abandoning low-value properties in high-foreclosure neighborhoods to prevent blight. FHA is also offering greater opportunity for non-profit organizations, local governments and other governmental entities to participate in DASP. Loans are not eligible to be sold through DASP unless and until all FHA loss mitigation efforts are exhausted. On average, mortgages sold through this sales program are 29 months delinquent at the time of the auction. Read additional details on the latest enhancements announced today.
"FHA is deeply committed to
protecting struggling homeowners and making certain they have the greatest opportunities to avoid foreclosure and remain in their homes," said Ed Golding, HUD's Principal Deputy Assistant Secretary for the Office of Housing. "While thousands of homeowners avoided foreclosure through this note sales program, we continue to explore new ways to help these families and to offer more opportunities for public-minded organizations to have a seat at the table."
FHA's new DASP enhancements include: Principal Reduction/Capital
Arrearage Forgiveness - Principal forgiveness is the first option investors must consider offering to borrowers when evaluating them for a modification.
Payment Shock Protection - FHA
will limit interest rate increases to no more than one percent per year after a five-year period where the rate is
fixed; this is consistent with the Home Affordable Modification Program (HAMP).
Walk-Away Prohibition -
Effective immediately, FHA will prohibit any purchaser of single-family mortgages under DASP from abandoning lower value properties in order to prevent neighborhood blight.
Alternative Bidding for
Non-Profit Buyers - This enhancement will allow qualified non-profit organizations to bid on a partial pool of notes up to five percent of a National Pool and to pay the reserve price. This alternative offers another opportunity for non-profit organizations and local governments to participate in DASP along with those announced last year (non-profit/government-only NSO pools and direct sales offerings).
Streamline Direct Sales to
Interested Government Entities - FHA is providing new standard guidance on the sale of distressed mortgages directly to qualified government entities and local governments. This will provide greater education and awareness among these public entities which may be interested in participating in DASP.
Target loans for DASP sales
based on the interest of non-profits and local governments-FHA will enhance its efforts to identify and offer loans in targeted distressed areas to non-profits and local governments. FHA will continue its outreach to solicit their interest in geographically targeted loan sales. These efforts are aimed at helping vulnerable neighborhoods maintain more stable communities.
Last year, FHA strengthened
DASP to further help defaulting families still living in their homes and to allow for greater participation
FHA PROGRAM 15
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