As it prepares to edit and release Home Mortgage Disclosure Act data by Sept. 1, the Federal Reserve Board says it hopes lenders will not be overly concerned about the result, but see it as an opportunity to identify new markets."One of the things that we hope will come out of this process is that institutions will use the [HMDA] data to identify market opportunities, and that way stimulate competition," Glenn Canner, a Fed senior adviser, told a panel at the Consumer Bankers Association conference in Washington, D.C. As to lenders' concerns, Mr. Canner noted that there is a reputation risk from facing unfavorable reports in the news media, as well as the possibility that "there is discrimination that underlies the data" and that financial and other penalties may be imposed. "What we are concerned about is that some of the institutions see the potential for bad press, for example, or other costs that may come from this, and it may deter them from participating in that higher-priced end of the market and weaken their position rather than stimulate it," Mr. Canner said.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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