Twenty congressmen, including nine Republicans, are urging the Federal Reserve Board to collect more Home Mortgage Disclosure Act data, such as credit scores and loan-to-value ratios, to determine whether subprime lenders are treating borrowers fairly.In a letter to the Fed, the congressmen note that the Fed has improved its data collection and that the release of the aggregated 2004 HMDA data this September should provide a "better understanding" of whether unfair disparities exist in the subprime market. "At the same time, we are aware that the data provided under the HMDA, despite recent enhancements, may still be inadequate for analysis of how borrower risk and choice influence prices or whether low-income and minority borrowers are treated equitably," the letter says. Additional information, such as LTV and debt-to-income ratios, is "vital for understanding if there are elements of unlawful discrimination in the subprime market," it says.
-
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.
July 11 -
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.
July 11 -
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