What is going on in the housing market is "not all that clear," according to the president's chief economic adviser, who says he believes the economy will be less dependent in the future on high levels of consumer consumption and residential construction for growth.The housing data are "going in a lot of different directions," with housing starts going down and new-home sales going up, Edward Lazear said in his first speech since becoming chairman of the President's Council of Economic Advisors in February. "Although a lot of people think there probably is a softening, there is no indication that there is anything there that is fundamentally a problem for the economy," Mr. Lazear said in response to a question at a Hudson Institute meeting. He noted that commercial construction is quite strong and recent reports show that business investment is very strong, which he said should offset declines in residential construction.
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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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