State and national fair-lending advocates are opposing the California Association of Mortgage Brokers' recently announced definition of predatory lending, according to the California Reinvestment Coalition.In a news release issued before CAMB had made its announcement, the CRC and about 20 other endorsers urged the association to rewrite the definition because it is too narrow. Specifically, neither discriminatory intent nor showing the "primary purpose" of the originator is required for a fair housing violation to occur, and these subjective standards should not be prerequisites for predatory lending, the CRC said. Moreover, in looking to what kinds of loans are offered to other consumers in the region, the CRC said CAMB appears to legitimize abusive loans by originators who discriminate equally against all borrowers. Ted Grose, immediate past president of CAMB, said the CRC's comments and the definition both cover excess fees and points, discrimination, equity stripping, and fraud misrepresentation. "They agreed with our position on most things," Mr. Grose said. ".... Someone has to step out first on predatory lending and get a meaningful discussion going. We want to make sure it is strong enough to protect consumers and flexible enough so lenders can continue to serve all markets."
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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.
5h 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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago