U.S. Secretary of Housing and Urban Development (HUD) Mel Martinez announced yesterday that he is resigning effective at noon on Friday. During Martinez's tenure, President Bush proposed the $200 million American Dream Downpayment Act to help more than 40,000 low-income families annually make the move into homeownership. HUD also announced reforms to the Real Estate Settlement Procedures Act to improve the process of obtaining home mortgages and reduce settlement costs by as much as $700 for the average consumer. HUD also instituted a 25 percent increase in the loan limits for FHA multifamily insurance, the first of its kind in a decade.
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