The U.S. District Court for the Eastern District of California has ruled against the Department of Housing and Urban Development's ban on private, seller-funded downpayment assistance. Commenting on the ruling, president and CEO of DPA pioneer Nehemiah Corporation of America, Scott Syphax called it "a major and conclusive judgment," and a heartening decision that reaffirms "that downpayment assistance is a lifeline" to the families in need. "This decision preserves access and supports the use of sensible and reasonable approaches to homeownership for millions of working-class families," he said. "As we have said before, we look forward to working with HUD to support deserving families across the country." The ban on seller-funded DPA was imposed by HUD in the Standards for Mortgagor's Investment in Mortgaged Property, published Oct. 1, 2007.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
April 19 -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
April 19 -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18