The leadership of the Mortgage Bankers Association of America prevented a major rebellion among its 2,700-member companies when it withdrew its support for HUD Secretary Mel Martinez's plan to allow dual packaging as part of his efforts to reform the loan-closing process, MortgageWire has learned.As it was, the annual Town Hall session that unofficially opened the MBA's annual convention in San Diego Oct. 19 was a short, sparsely attended briefing that was far tamer than usual. But it "could have been a bloodbath had we not acted when we did," a top MBA official confided to MW on Monday. Meanwhile, at least one observer believes Secretary Martinez must shoulder at least part of the blame for losing what little support he had for rewriting the Real Estate Settlement Procedures Act. Compliance attorney Robert Lotstein said indecision by the Department of Housing and Urban Development about how to proceed with the final rule "allowed undercurrents" to surface. "There's Eastern time, Pacific time, and HUD time," said the managing partner of Lotstein Buckman LLP. "Their clock runs a lot differently than ours." Mr. Lotstein, the former legal counsel to the National Association of Mortgage Brokers, said HUD's continual delays have hurt the reform effort "badly," and "now all the good work that has been done in an attempt to simplify the process and all the benefits that would have accrued to consumers are at risk." The MBA can be found online at http://www.mbaa.org.
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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.
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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.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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