Congressional appropriators have slashed funding for the president's downpayment assistance program to $25 million in approving the fiscal year 2006 budget for the Department of Housing and Urban Development.In his budget request to Congress last winter, President Bush proposed $200 million for his signature housing program, which provides downpayment and closing-cost assistance to low-income homebuyers. The House and Senate appropriations committees originally set aside $50 million for the DPA program, which has been underfunded since it was created three years ago. However, the appropriators reduced it to $25 million in agreeing to the Transportation, Treasury and HUD appropriations conference report that passed on Nov. 18 -- just before Congress adjourned for a two-week Thanksgiving recess. The HUD fiscal 2006 appropriations bill keeps loan commitment authority for the Federal Housing Administration and Ginnie Mae at fiscal 2005 levels. The Office of Federal Housing Enterprise Oversight also receives $60 million in fiscal 2006, the same as in fiscal 2005. OFHEO regulates Fannie Mae and Freddie Mac.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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