A national community group has identified 10 cities, including four cities in Texas, that face the greatest risk of "rate shock" and foreclosures due to high concentrations of adjustable-rate subprime mortgages."With 60% of subprime loans set to have their interest rate change by the end of 2006, ARMs pose a huge threat to the security of individual homeowners and entire neighborhoods," according to the ACORN study. ACORN researchers used Home Mortgage Disclosure Act data to examine subprime lending in 130 metropolitan areas. They concluded that Detroit; Memphis; Jackson, Miss.; McAllen, Texas; El Paso, Texas; Laredo, Texas; Brownsville, Texas; Flint, Mich.; Springfield, Ill.; and Birmingham, Ala., have the highest concentrations of subprime loans. "Too many of our neighbors are being steered into ARMs without being given an option for a fixed rate and without being given an explanation of the risks," ACORN president Maude Hurd said. ACORN is calling for tougher regulation of lenders and mortgage brokers to protect borrowers from being placed in unsuitable loans.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3