Home Lending Cos. Back Tribe In HUD Mortgage Battle
By Andrew Westney (June 12, 2019, 6:55 PM EDT) -- Two home mortgage lenders urged a federal court not to let the U.S. Department of Housing and Urban Development limit a Utah tribe's down payment financing for federally insured mortgages, saying HUD hadn't shown that the tribe's program is riskier than state agency financing.
In a proposed amicus brief Tuesday, Data Mortgage Inc. and American Financial Network backed the Cedar Band of Paiutes' request for an injunction on HUD's April 18 mortgagee letter, which included a provision that tribes can only provide down payment assistance, or DPA, for property located on tribal land or for tribal members.
Data Mortgage and AFN...
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