Housing interests represented at the Mortgage Bankers Association's annual convention have continued to line up against the possibility that the president's tax reform panel will propose whittling away at the tax deduction for mortgage interest and other cherished writeoffs that support homeownership.Freddie Mac president Eugene McQuade told the Orlando, Fla., convention that any big change in the tax benefits would "profoundly affect" the value of the properties that stand behind trillions of dollars worth of mortgages. "Before we say we are going to change" the deductibility of mortgage interest, "we better understand the broad implications that it will have [for] society," he told the meeting. Calling the writeoff "fundamental to housing values" and "arguably the most successful social program of the last 50-75 years," the Freddie Mac officer said the deduction "is part of the statement made over the years as to where we place our priorities, and with a relatively low cost to the government." Mr. McQuade is also worried that rising interest rates will exacerbate the nation's affordable housing woes. Housing prices are already "at shock levels for most people," he explained, and higher rates will only serve to drive monthly payments even higher. Rates have been so low for so long, he said, that an entire generation of potential buyers have never seen mortgage rates above 6%.
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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.
11h ago -
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