The new federal guidelines on subprime lending, coupled with increased pressure on originators to follow last year’s nontraditional mortgage guidance, may make the affordable loan products that dominated the mortgage market in previous years...
Read More
Sen. Christopher Dodd, D-CT, chairman of the Senate Committee on Banking, Housing and Urban Affairs, said the final subprime mortgage guidance is laudable, but falls short of the action needed to protect subprime borrowers. The chairman reiterated his call to...
Read More
Mortgage market trade groups last week urged key lawmakers to consider “corrections” already being made by the industry, and avoid taking action that could disrupt the flow of credit to underserved borrowers. In letters to the chairmen and ranking minority members...
Read More
The Office of Thrift Supervision and the Office of the Comptroller of the Currency accounted for most of the “outstanding” ratings reported by federal regulators during the first half of 2007 after assessing covered institutions’ compliance... [Includes two charts]
Read More
A recent report by the Government Accountability Office cast some doubt on the efficacy of allowing zero-downpayment products to be insured through the Federal Housing Administration’s residential mortgage program, given the higher default rates on these loans...
Read More
Congress and the mortgage industry may be locking horns again over yield-spread premiums, as the chairman of the Senate Banking Subcommittee on Housing, Transportation, and Community Development says he may add a provision prohibiting the practice to his...
Read More
More mortgage servicers are relying on partnerships with nonprofit organizations to help troubled homeowners avoid foreclosure, particularly in providing counseling, according to a new report by the Office of the Comptroller of the Currency. The report...
Read More
Mortgage lenders in Massachusetts are meeting with state officials to discuss legislation proposed recently by Gov. Deval Patrick that could potentially increase lenders’ legal risk and cut affordable lending in the state. Last week, the governor’s top housing...
Read More
Current federal proposals to restate an interim final rule on electronic disclosures have industry support despite some lingering concerns. The Consumer Mortgage Coalition and the Consumer Bankers Association urged the Federal Reserve Board, which administers and...
Read More
Texas: The Lone Star State has enacted legislation... Hawaii: A measure has just taken effect in the Aloha... Virginia: The Old Dominion has enacted legislation prohibiting... Montana: The Treasure State has enacted S.B. 92, which now...
Read More
Disclosure Illustrations: Illustrations of consumer information on... Regulatory Burden Reduction: The OCC has proposed a rule to reduce... National Housing Trust Fund: On June 28, Committee Chairman Barney Frank... Fair Housing Legislation Introduced: On June 28, Rep. Al Green, D-TX...
Read More
The Mortgage Bankers Association has begun a... The Office of Thrift Supervision has appointed... The California Mortgage Bankers Association is having... The California Association of Mortgage Brokers is having... The Mortgage Industry Emerging Markets & Diversity Conference will...
Read More