The Senate Banking Committee has rescheduled a confirmation hearing for Brian D. Montgomery for May 25.President Bush has nominated Mr. Montgomery to be the new Federal Housing Administration commissioner. The committee will also consider the confirmation of Federal Reserve Board governor Ben Bernanke to be a member of the president's Council of Economic Advisers. A previously scheduled hearing was postponed after a Senate dispute over the filibuster of the president's appellate court nominees prevented the committee from meeting. A decisive vote in that dispute is expected on May 24. Mr. Montgomery currently works in the White House as a deputy assistant to the president.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.
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