Despite the support of the Bush administration, conferees working on an omnibus appropriations bill kicked out a Senate provision that would have authorized the Federal Housing Administration to start a subprime mortgage insurance program."The conferees support efforts to assist low-income persons in repairing negative credit histories where appropriate," the conference report says. "However, the Department of Housing and Urban Development needs to stem the escalating default rate in FHA's single-family mortgage insurance programs before it assumes new risks posed by persons with credit problems." The FHA default rate (loans 90 days or more past due) was 5.76% in August. The FHA subprime initiative first surfaced as part of the president's fiscal year 2004 budget proposal that was released in early February. "The proposal will create new homeownership opportunities for more families with poor credit records who are served at a higher cost in the subprime market or not at all," according to budget documents. The Senate included the FHA subprime initiative in its version of the HUD appropriations bill, but House appropriators rejected it. The Senate and the House are scheduled to return the week of Dec. 8 to vote on the omnibus appropriations bill, which includes funding for HUD.
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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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