The president's budget calls on Congress to approve two new Federal Housing Administration loan programs -- one for creditworthy homebuyers and another for borrowers with "weak credit histories.""The Zero Downpayment mortgage allows first-time homebuyers with a strong credit record to finance 100% of the downpayment and closing costs," the fiscal year 2005 budget says. FHA Commissioner John Weicher previously announced that the president's budget would include a zero-down mortgage. The second program appears to be modification of a Bush administration proposal to create an FHA subprime program for borrowers with "poor credit ratings," which Congress rejected last year. "For borrowers with limited or weak credit histories, Payment Rewards initially charges a higher insurance premium, but reduces the borrower's premium once they have established a history of regular payments, thereby demonstrating credit worthiness," the president's budget says. The Bush administration is also proposing to eliminate FHA insurance refunds, except in refinancings.
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A spike in the bank's noninterest income powered its better-than-expected net income and revenue in the second quarter.
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States warn that eliminating the BRIC program could leave rural areas vulnerable to extreme weather.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency proposed a rule that would revert the anti-discrimination framework to its 1995 standards.
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Supreme Court rulings and provisions in the recently passed budget bill are bolstering the legality of the administration's effort to fire more than 1,000 employees at the Consumer Financial Protection Bureau.
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The VA Home Loan Program Reform Act arrives after the expiration of a previous foreclosure-prevention program sent foreclosure numbers spiking this spring.
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CEO Brian Moynihan plans to keep directing some of the bank's excess capital into new market expansions, he said Wednesday. "Organic growth is the reality," given the bank's already dominant U.S. market share, he said.
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