Instead of suing its regulator, America's Community Bankers has decided to ask Congress to address its concerns about the registration of Federal Home Loan Bank stock with the Securities and Exchange Commission."Some members would prefer litigation," ACB president Diane Casey-Landry said. However, Congress is expected to pass legislation next year that deals with the housing government-sponsored enterprises and requires the FHLBanks to register with the SEC. "Since we are supportive of the GSE legislation, we think it would be better to put our focus on the legislative rather than a litigation solution," she said. ACB has been considering legal action since the Federal Housing Finance Board voted in June to require SEC registration. ACB contends that the Finance Board does not have the statutory authority to mandate registration. But that can be fixed in the GSE bill, which is expected to exempt the FHLBanks from certain SEC requirements. "With the re-election of the president and the stronger Republican majority, we think GSE legislation is going to move pretty quickly," the ACB president said. "We believe we are in a good position now."
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25