President Bush has signed the bankruptcy bill, which will make it harder for consumers with median incomes to use the bankruptcy courts to avoid repaying at least a portion of their debts.The president said the bill (S. 256) will stop abuses of the bankruptcy system that have allowed too many people to walk away from their debts. "By making the system fairer for creditors and debtors, we will ensure that more Americans can get affordable credit," the president said at a bill-signing ceremony. The signing of the bill culminates an eight-year effort to reform the bankruptcy code, according to the American Financial Services Association. "The new law will bring sweeping changes to an overburdened, antiquated system while encouraging accountability and responsibility," AFSA president and chief executive Randy Lively said. Personal bankruptcy filings totaled nearly 1.6 million in 2004.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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