A partisan dispute over an affordable housing trust fund could slow passage of a Federal Housing Administration reform bill that many in Congress view as a way to help subprime borrowers get into safer and more affordable home loans.Rep. Judy Biggert, R-Ill., warned Democrats that she has "grave concerns" about the solvency of the FHA single-family program if excess FHA revenues are earmarked for a yet-to-be-created AH trust fund. "Removing the housing trust fund provision will allow us to work together on a bipartisan bill that can move expeditiously to the House floor," Rep. Biggert said. But Rep. Maxine Waters, D-Calif., warned that the FHA reform bill will not get out of the House Financial Services Committee without the affordable housing fund provision. The FHA bill, co-sponsored by Rep. Waters and the committee chairman, Rep. Barney Frank, D-Mass., does not create an AH trust fund -- that requires separate legislation that Rep. Frank plans to introduce later this year. It simply allows the future affordable housing trust fund to tap the FHA as a funding source.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16