Archives
JOHNSON OPENING STATEMENT ON THE PRIVATE LABEL MORTGAGE BACKED SECURITIES MARKET HEARING
WASHINGTON - October 1, 2013 - (RealEstateRama) -- Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled “Housing Finance Reform: Fundamentals of a Functioning Private Label Mortgage Backed Securities Market.”
Justice Department Reaches Fair Lending Settlement with Chevy Chase Bank Resulting in $2.85 Million...
WASHINGTON, D.C. - October 1, 2013 - (RealEstateRama) -- The Justice Department filed a settlement agreement and order today that resolved allegations that Chevy Chase Bank F.S.B. engaged in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its home mortgage lending from 2006 through 2009.
HUD PROPOSES ‘QUALIFIED MORTGAGE’ DEFINITION
WASHINGTON, D.C. - September 30, 2013 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) today proposed a rule to define a ‘Qualified Mortgage (QM)’ that would be insured, guaranteed or administered by HUD, including single-family forward mortgages insured by the Federal Housing Administration (FHA). HUD is seeking the public’s comment on its proposed rule by October 30th. Read HUD’s proposed rule
Fair Housing Groups Ask Court to Deny Banks’ Effort to Stop Richmond’s Mortgage Rescue...
WASHINGTON, D.C. - September 10, 2013 - (RealEstateRama) -- A coalition of fair housing and civil right groups filed an amicus brief in federal court today, supporting the City of Richmond’s opposition to a motion for preliminary injunction filed by trustees Wells Fargo Bank and Deutsche Bank. The trustees (Wells and Deutsche Bank) seek to block the City’s plan to help homeowners by restructuring underwater mortgages.
Bipartisan Policy Center to Host Breakfast Discussion on Qualified Residential Mortgage Rule Next Wednesday
WASHINGTON, D.C. - September 27, 2013 - (RealEstateRama) -- The Bipartisan Policy Center (BPC) Housing Commission will host a discussion on the proposed qualified residential mortgage rule next Wednesday, October 2, 2013 at 9:00AM EDT
FHFA Index Shows Mortgage Interest Rates Continue to Rise in August
WASHINGTON, D.C. - September 26, 2013 - (RealEstateRama) -- National data show interest rates on mortgages continued their upward trend. Contract mortgage interest rates increased 0.25 percent from July to August, according to an index of new mortgage contracts
Director Cordray Remarks at the American Banker Regulatory Symposium
WASHINGTON, D.C. - September 24, 2013 - (RealEstateRama) -- Thank you so much for having me here today as you discuss the aftermath of the financial crisis and the future of banking regulation. I know many of you are interested to know what is on our agenda at the Consumer Financial Protection Bureau, so I would like to describe where we have been and where we are going
FHFA Launches National Education Campaign
WASHINGTON, D.C. - September 23, 2013 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) today launched a nationwide campaign to inform homeowners about the Home Affordable Refinance Program (HARP). The campaign is designed to encourage homeowners who have been making their mortgage payments, but who owe more than their home is worth, to contact their current lender or any other mortgage lender offering HARP refinances to review their refinancing options. With mortgage rates still historically low and HARP eligibility requirements expanded, qualifying homeowners could reduce their monthly mortgage payments or increase their equity faster with a shorter term mortgage
NCRC Statement on the Release of 2012 Home Mortgage Disclosure Act Data
WASHINGTON, D.C. - September 19, 2013 - (RealEstateRama) -- Today, in reaction to the release of 2012 Home Mortgage Disclosure Act (HMDA) data, NCRC President and CEO John Taylor made the following statement
CFPB Spotlights Mortgage Trends with New Online Tool
WASHINGTON, D.C. - September 18, 2013 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) launched an online tool to provide consumers with easy access to public mortgage information collected under the Home Mortgage Disclosure Act (HMDA). The tool enables greater transparency by helping inform people of trends in their local mortgage markets
Federal Financial Institutions Examination Council Announces Availability of 2012 Data on Mortgage Lending
WASHINGTON, D.C. - September 18, 2013 - (RealEstateRama) -- The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,400 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2012 lending activity — applications, originations, purchases and sales of loans, denials, and other actions related to applications
Former Alabama Real Estate Investor Pleads Guilty to Making False Statement in Connection with...
WASHINGTON, D.C. - September 17, 2013 - (RealEstateRama) -- A former investor in the Alabama real estate foreclosure auctions industry pleaded guilty today to one count of making false statements, the Department of Justice announced.
OBAMA ADMINISTRATION RELEASES AUGUST HOUSING SCORECARD
WASHINGTON - September 16, 2013 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the August edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show important progress across many key indicators—as home prices, purchases of new homes, and sales of existing homes continue to show strong annual gains—although officials caution that the overall recovery remains fragile. The full Housing Scorecard is available online at www.hud.gov/scorecard.
CFPB Finalizes Modifications to Mortgage Rules
Senate Banking Committee Hearing Highlights Progress on Housing Finance Reform
WASHINGTON, D.C. - September 13, 2013 - (RealEstateRama) -- Today’s hearing by the Senate Banking Committee demonstrated a growing consensus on the need to enact housing finance reform legislation. Jerome Lienhard, CEO of SunTrust Mortgage, and other witnesses including economist Mark Zandi, agreed on the need for housing finance reform that protects the taxpayer; allows originators of all sizes to participate; and creates a system with private capital that also ensures transparency and maintains investor confidence in the system. Witnesses agreed that the bipartisan legislation by Senators Bob Corker and Mark Warner is a positive place to start in developing comprehensive reform.
Bankers Announce Availability of $1 Million in Grants for First-Time Homebuyers
Martinsburg, W.Va., - September 5, 2013 - (RealEstateRama) -- Rep. Shelley Moore Capito (W.Va.-02) joined area bankers today as they explained how qualified first-time homebuyers in the Eastern Panhandle can obtain grants that make financing a home easier.
HUD ANNOUNCES ADDITIONAL MEASURES TO MANAGE RISK IN FHA’s REVERSE MORTGAGE
WASHINGTON - September 4, 2013 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) is today publishing new guidance to manage risk associated with the Federal Housing Administration’s (FHA) reverse mortgage or Home Equity Conversion Mortgage (HECM) Program. This is part of the Department’s continuing effort to reform, strengthen and protect FHA’s Mutual Mortgage Insurance (MMI) Fund. Read FHA’s mortgagee letters.
FHFA Index Shows Mortgage Interest Rates Rose Sharply in July
Washington, DC - August 29, 2013 - (RealEstateRama) -- National data show interest rates on mortgages continued their upward trend. Contract mortgage interest rates increased 0.45 percent from June to July, according to an index of new mortgage contracts
New Fed Rule on Qualified Residential Mortgage: A Strong Step Forward
WASHINGTON, D.C. - August 29, 2013 - (RealEstateRama) -- New mortgage lending rules proposed today by federal regulators take a big step forward in strengthening the U.S. housing market and economy
New mortgage rule is a step forward for affordable housing
WASHINGTON, DC - August 28, 2013 - (RealEstateRama) -- Regulators have proposed a new version of mortgage rules that will give more Americans access to mortgage credit while helping to keep the mortgage finance system safe and sound. The National Housing Conference (NHC) applauds the six regulatory agencies for responding to the widespread sentiment against onerous down payment requirements and in favor of aligning major mortgages rules.
