Despite a negative reaction from the White House, Louisiana Congressman Richard Baker won't give up on his plan to create a tax-free development corporation, much like the savings-and-loan bailout's Resolution Trust Corp., to finance and manage the rebuilding of New Orleans.In an interview with The Credit Union Journal, a sister publication to National Mortgage News, Rep. Baker said he is not deterred by the White House's opposition to an RTC-like entity and still believes his plan, which combines several funding proposals, is the best way to reconstruct the Crescent City. The Louisiana Republican, a senior member of the House Financial Services Committee, said he is working with state officials and representatives of Wall Street to reformulate his proposal to make it more acceptable to fellow lawmakers and the Bush administration.
-
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
7h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
8h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
11h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16