The proposed rule on mortgage disclosures and pricing that the Bush administration is expected to formally unveil next week is likely to be accompanied by a push for new legislation that could gain considerable momentum as the housing market continues to...
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Creates “GFE application” covering information borrower must submit to get a GFE, including name, SSN, income, house price and mortgage amount requested... Lender may require “mortgage application” including more information to...
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Fed Chairman Ben Bernanke this week gave a strong endorsement for the concept of writing down home mortgage balances as a tool to help pull the housing market out of what appears to be a deepening downturn. With growing numbers of borrowers owing more on their...
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Although one in four institutions took a loss in the fourth quarter, the banking and thrift industries managed to report $5.8 billion in net income during the period despite the huge drag of slumping housing markets. Banks made out a lot... [Includes three charts]
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Fannie Mae last week rolled out a new loss mitigation program through which it will fund unsecured personal loans to help troubled mortgage borrowers catch up on their payments. Under the HomeSaver Advance program, eligible borrowers will sign a...
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Lenders and other interested parties will play a role in the final shape of new mortgage regulations being written by the Federal Reserve Board, according to an agency official. “Nothing in it is cast in stone,” said Paul Mondor, an attorney in the Fed’s...
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The Office of the Comptroller of the Currency last week asked nine large banks to begin submitting comprehensive mortgage servicing data monthly to enable it to get a more detailed, periodic view of the market and track loss mitigation efforts. The required data...
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Although Fannie Mae and Freddie Mac slowed down their purchases of non-agency mortgage securities backed by Alt A loans in 2007, both government-sponsored enterprises continued to bring in a substantial supply of Alt A business through their normal... [Includes one chart]
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Representatives of the mortgage lending industry and even some federal regulators are concerned about the deal announced earlier this week that will set new appraisal standards and force lenders to dump their in-house appraisal units – without any new legislation...
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