Supplemental Standards of Ethical Conduct for Employees of the Department of Housing and Urban Development; Correction to Standards Governing Prohibited Financial Interests
HUD (or Department), with the concurrence of the Office of Government Ethics (OGE), amends its Supplemental Standards of Ethical Conduct, which are regulations for HUD officers and employees that supplement the Standards of Ethical Conduct for Employees of the Executive Branch (Standards) issued by OGE. In its final rule published on August 6, 2012, HUD did not comprehensively describe an exception to the provision that prohibits Department employees from directly or indirectly receiving, acquiring, or owning certain financial interests that may be subsidized by the Department. This final rule corrects this omission and establishes that HUD employees may not hold a financial interest in any grant, loan, cooperative agreement, or other form of assistance provided by the Department, including the insurance or guarantee of a loan, except to the extent that such interest represents assistance on the employee's principal residence. This final rule codifies current policy and practice.
Changes to the Home Equity Conversion Mortgage Program Requirements: Financial Assessments-Solicitation of Comment
On September 3, 2013, the Federal Housing Administration (FHA) issued Mortgagee Letter 2013-27, announcing the implementation of several changes to the Home Equity Conversion Mortgage (HECM) program, consistent with the authority to make such changes by the Reverse Mortgage Stabilization Act, signed into law on August 9, 2013. With the exception of new financial assessment requirements and funding requirements for the payment of property charges, the new HECM requirements will take effect for case numbers assigned on or after September 30, 2013. The financial assessment requirements and the funding requirements for payment of property charges take effect for case numbers assigned on or after January 13, 2014. This notice solicits comment for a period of 30 days on the financial assessment requirements to be applied on or after January 13, 2014.