The Federal Reserve Board is concerned that problems in the subprime and jumbo mortgage markets could lead to further weakening in the housing sector and consumer spending."Obviously, if current conditions persist in mortgage markets, the demand for homes could weaken further, with possible implications for the broader economy," Fed chairman Ben Bernanke told an economic symposium in Jackson Hole, Wyo. "We are following these developments closely." The Fed chairman noted that mortgage-backed securities investors are demanding stronger protections and better incentives for originators to underwrite prudently. "In recent months we have seen a reassessment of the problems of maintaining adequate monitoring and incentives in the lending process, with investors insisting on tighter underwriting standards and some large lenders pulling back from the use of brokers and other agents," Mr. Bernanke said. The Fed can be found online at http://www.federalreserve.gov.
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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.
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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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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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.
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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.
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