To crack down on abusive lending, Sen. Hillary Rodham Clinton, D-N.Y., wants upfront disclosures of a mortgage broker's compensation and a ban on prepayment penalties, along with a requirement that all subprime mortgages have escrow accounts."We need to put an end to fly-night-night mortgage brokers peddling loans to unqualified applicants based on inflated appraisals," the Democratic presidential candidate said in a speech outlining legislative proposals she intends to introduce when Congress returns in September. Her legislation will also provide $1 billion to assist state-sponsored foreclosure rescue funds and expand Fannie Mae's and Freddie Mac's mission to include helping at-risk homeowners avoid foreclosure. "If I were president, I would address abuses across the mortgage industry with a plan to curb unfair lending practices and hold brokers and lenders accountable, give families the support they need to avoid foreclosure, and increase the supply of affordable housing," the New York senator said.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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