Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., says he is working on legislation to prevent an "unprecedented" wave of subprime foreclosures and to give homeowners a grace period so they can get back on their feet."This is a homeownership crisis of unprecedented proportions," Sen. Dodd told a group of mayors. He is planning to hold hearings soon, possibly in two weeks. The committee chairman indicated that the legislation might include a rescue fund. "That is a possibility, but it would have to be paid back," he told reporters. Sen. Dodd also told reporters that he wants to move quickly on GSE legislation to strengthen regulation of Fannie Mae and Freddie Mac and pass a bill in the next two months. He said the Senate government-sponsored enterprise bill will be a "little different" from the House bill. And he declined to take a position on raising the GSE loan limits. "I have to be careful about jumping into that," Sen. Dodd said after speaking to the mayors. "I want to talk with my colleagues first."
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A new class action lawsuit against Unlock Technologies echoes other complaints in crying foul over confusing contract terms and huge repayments.
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Endorsement numbers for federally backed reverse mortgages dropped to their lowest monthly total in over six years, according to a new report.
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
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Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
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Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
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The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
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