In an effort to determine more methods of providing counseling for new homebuyers and troubled homeowners, the U. S. Department of Housing and Urban Development (HUD) has created a new Housing Counseling Federal Advisory Committee as mandated by the Dodd-Frank Act.

Made up of three representatives from each of the four mortgage, real estate, consumer and housing counseling sectors, the committee is charged with developing strategies to offer counseling services at the community level, as nationalmortgagenews tells MHProNews.

Counseling can address fair housing issues, rental assistance, pre-purchase counseling, finding a mortgage lender and putting together a household budget.

Senior Loan Officer Pamela Marron with Innovative Mortgage Strategies, Inc. in Florida, said, “I’m in Florida, the land of underwater homes. I would tell them what is really happening at ground zero. And I am expecting the other members will have similar stories. We have a good diverse group and I am excited about that.”

Meg Burns, a former HUD official who has been selected to serve on the advisory committee, said, “It really goes well above and beyond what must people are familiar with as a result of the foreclosure crisis.” ##

(Image credit: Department of Housing and Urban Development)

Article submitted by Matthew J Silver to Daily Business News-MHProNews.