Senate Democrats have crafted a second stimulus bill that includes bankruptcy changes lenders will oppose and a net operating loss carry-back supported by homebuilders. "This package is aimed at the bull's-eye of our economic crisis -- the housing market," said Sen. Charles E. Schumer, D-N.Y. Included in the package was a bill by Sen. Richard Durbin, D-Ill., that would allow bankruptcy judges to restructure subprime mortgages. "Small changes to the bankruptcy code could help 600,000 at-risk families keep their homes," the Illinois senator said. The Mortgage Bankers Association said there is "much in this bill to applaud." However, the MBA served notice that it will oppose the bill because the bankruptcy provision will increase the cost of mortgage credit. The National Association of Home Builders has been pushing for an NOL carry-back. But it wants a tax credit for homebuyers even more. The builders have frozen all political contributions because the first stimulus bill did not include a homebuyers' tax credit.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
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