President Bush is calling on the Senate to pass a Federal Housing Administration modernization bill that the House passed July 25 by a resounding 415-7 vote."This bill will improve FHA's ability to help lower- and moderate-income families achieve the American Dream," President Bush said. "I encourage the Senate to join the House and pass this critical legislation." The FHA reform bill (H.R. 5121) would give the FHA single-family mortgage insurance program the flexibility to charge risk-based premiums on low and zero-downpayment loans. It also raises FHA loan limits and expands the FHA reverse-mortgage program for seniors. In the Senate, the FHA reforms have gone nowhere. Banking Committee Chairman Richard Shelby, R-Ala, has asked the Government Accountability Office to conduct a study of the administration's FHA reform proposals, which FHA supporters consider a delaying tactic. "We realize that FHA is in need of reform," Senate Banking Committee spokesman Andrew Gray said. But he noted that Chairman Shelby doesn't have a timeline for committee action. When asked about the GAO study, Mr. Gray said completion of the study is not "necessarily a prerequisite" for legislative action. "But we would like that information," he added.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
10h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11