Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., is also planning to hold hearings on subprime and predatory lending and the impact they have on minority and low-income borrowers."For these consumers, the American Dream can truly become a nightmare," Sen. Dodd said at an annual Rainbow PUSH/Wall Street Project summit hosted by the Rev. Jesse Jackson and business leaders. Sen. Dodd said too many subprime borrowers end up paying "unnecessarily high rates and fees and hidden back-end costs. In the worst instances, homebuyers are slowly robbed of their homes' equity until they, and their families, end up in default and foreclosure." The new chairman did not indicate a timetable for hearings. Besides mortgage lending practices, he also wants the committee to examine credit card practices, wage and salary stagnation among working families, affordable housing, and financial literacy.
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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.
9h ago -
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.
10h ago -
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.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
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