Democrats and Republicans on the House Financial Services Committee will get a chance to debate the merits of their respective Federal Housing Administration reform bills April 19 at a housing subcommittee hearing.The competing bills are aimed at re-energizing the FHA single-family program so it can serve more subprime borrowers by charging risk-based premiums. The Republicans' bill (H.R. 1752), introduced by Judy Biggert, R-Ill., would allow the FHA to charge a maximum upfront mortgage insurance premium of 3% and an annual premium of 2%. The Democrats' bill (H.R. 1852), introduced by Rep. Maxine Waters, D-Calif., would cap the upfront premium at 2.25% and the annual premium at 55 basis points for borrowers who make a downpayment, even if their credit score is below 560. For those risky borrowers, the FHA can require homeownership counseling and take other consumer protection measures. Democrats contend that the Republicans are charging too much for borrowers who make a downpayment.
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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.
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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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11