Fed’s Powell says current US housing finance system ‘unsustainable’
The US housing finance system is putting taxpayers at risk, in a market dominated by government-backed agencies, according to Federal Reserve Governor Jerome Powell. systemic risk in housing remains given the concentration of mortgages in the duopoly of Fannie Mae and Freddie Mac, he said. The U.S. housing finance system continues to put taxpayers at.. Read More
Latest Mortgage Scam: Owners Pose as Renters
A new mortgage fraud scheme is taking a reverse approach to traditional occupancy scams. In the past, prospective investors have claimed they intend to take owner occupancy. Then, they are able to qualify for a better interest rate, lower fees, a smaller down payment, or higher loan amount than if they applied for a mortgage.. Read More
Big Business wants to kill CFPB’s anti-arbitration rule. Here’s the game plan.
What the U.S. Supreme Court took away from consumers in its pro-arbitration decisions in AT&T Mobility v. Concepcion and American Express v. Italian Colors, the Consumer Financial Protection Board intends to give back. On Wednesday, the CFPB announced a proposal to prohibit financial services companies from imposing mandatory arbitration clauses that bar consumer class actions… Read More
Cost of Constructing a Home
The National Association of Home Builders, or NAHB, periodically conducts surveys to collect information from national home builders about construction costs and the elements that go into the price of single-family new construction. The last NAHB construction cost survey, taken in 2019, reflects essential information that the home building industry often considers when looking at.. Read More
Fannie Mae Sees Flaws In Black Mortgage Denial Rate Cited By MBA As Denial Rate Is Not A Sufficient Statistic
As conventional lending standards have tightened, F.H.A.-backed loans have become crucial to maintaining credit access in minority communities. But at the same time, Mr. Humphries said, F.H.A.’s dominance among such borrowers hints at a problematic trend: “a different path to financing based on your race and ethnic group.” And the F.H.A. path can be costly… Read More
CitiGroup to Pay $7 Billion in Federal-State Deal Over Mortgage Backed Securities
Includes $45.7 Million Cash Payment to Commonwealth; Seventh Settlement in AG Coakley’s Investigation of Banks Involved in Securitizing Unfair Loans BOSTON – CitiGroup, Inc. will pay $7 billion in a joint federal-state settlement over its mortgage-backed security activities, Attorney General Martha Coakley announced today. This is the seventh settlement resulting from AG Coakley’s ongoing investigation.. Read More
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