Senate Banking Committee Democrats are preparing to offer an affordable housing fund amendment when the committee meets Thursday to mark up a GSE regulatory reform bill.Although the Democrats are not expected to support the government-sponsored enterprise reform bill drafted by the committee chairman, Sen. Richard Shelby, R-Ala, they still plan to offer an affordable housing fund amendment (as they did last year) that would require Fannie Mae and Freddie Mac to fund the construction of affordable housing. Sen. Shelby has raised serious objections to an AH fund proposal approved by the House Financial Services Committee that would tie GSE contributions to profits and allow Fannie and Freddie to manage the funds. He did not include an affordable housing fund provision in his bill. However, the committee chairman is willing to reach out to Democrats, according to his spokeswoman, Virginia Davis. "Sen. Shelby continues to reach out to Sen. Reed and is willing to work with the Democrats to address their concerns on this issue," Ms. Davis said. A spokesman for Sen. Jack Reed, D-R.I., declined to say whether the Democrats' amendment would mirror the AH fund proposal approved by the House committee. "They are still working on it," he said.
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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.
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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.
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