Assistant Treasury Secretary Wayne Abernathy has warned against adopting new laws at either the federal or the state level that ban specific financial products, comparing such laws to "financial Corvairs" that could blow up on their well-intended sponsors on impact."The enforcement approach should target bad conduct, not so-called 'bad' products," he said at the National Home Equity Mortgage Association's annual conference in Boca Raton, Fla. Laws that aim at curtailing certain loans or loan features could result in "legislative redlining," Mr. Abernathy said, and end up cutting off credit to specific areas and markets that government and industry have spent years trying to bring into the financial mainstream. The assistant secretary for financial institutions also called for two sets of laws to deal with abusive lending practices, one at the national level and the other at the state level. "The approach [to stopping predatory lending practices] should be in the best interests of the customer, and the answer is already before us in the dual banking system," he said. Under Mr. Abernathy's plan, borrowers would determine which set of rules is more effective. "Customers who are comfortable with state laws can patronize the institutions chartered by their states, and those who are more comfortable with federal oversight can patronize those institutions," he said.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
4h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
5h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
5h ago -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
5h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
6h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
7h ago