Adams commends Turner's expertise and commitment to housing accessibility
SOUTH JORDAN, Utah, Feb. 6, 2025 - Miki Adams, president of CBC Mortgage Agency (CBCMA), a Native American wholly-owned and federally chartered housing finance agency that provides financing for down payment assistance (DPA), today congratulated Scott Turner on his Senate confirmation as secretary of the U.S. Department of Housing and Urban Development.
"Secretary Turner's expertise in community development and housing will serve him well in this important role at the helm of HUD," Adams said. "We look forward to working with him as he navigates a market grappling with higher interest rates, low inventory and steep home-price increases."
HUD oversees the Federal Housing Administration, which insures first mortgages acquired by CBCMA as a correspondent investor. The loans are subsequently securitized through Ginnie Mae.
CBCMA's DPA programs help first-time, low- to moderate-income, and minority borrowers across the nation. Its Borrower Success program provides ongoing support to ensure homeowners remain successful and to enable them to build wealth through responsible homeownership.
"CBCMA provides down payment assistance without any financial support from federal or state governments," Adams said. " We have helped more than 50,000 families achieve the American dream of homeownership who otherwise might never have had the opportunity."
According to HUD data, borrowers using CBCMA's DPA programs and other similar government programs have lower default rates than FHA borrowers who obtain down payment help from family members. Adams attributes CBCMA's lower default rates to the structure of its programs, which include pre-purchase counseling for lower-FICO score borrowers and 18 months of free, one-on-one post-purchase counseling.
About CBC Mortgage Agency
Founded in 2013, CBC Mortgage Agency is a nationally chartered housing finance agency. As a leading source of down payment assistance financed through the Chenoa Fund, the company helps low-to-moderate income consumers, often in minority neighborhoods, achieve the dream of homeownership. CBC Mortgage Agency, recognized as one of the Top 25 Companies in Mortgage & Servicing by MReport, is a wholly owned subsidiary of Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. Visit chenoafund.org for more information.
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SOURCE CBC Mortgage Agency
