A Bush administration reform proposal that would allow the Federal Housing Administration to charge risk-based mortgage insurance premiums is not going down well with Democrats and consumers groups.Rep. Barney Frank, D-Mass., said he is in "overwhelming agreement" with the administration FHA reform package, except for charging lower-income subprime borrowers higher mortgage insurance premiums. The ranking Democrat on the House Financial Services Committee recommended that the premiums be cross-subsidized with other funds. Meanwhile, several Republicans on the committee want FHA Commissioner Brian Montgomery to increase the participation of mortgage brokers in the FHA program. The mortgage brokers have concerns about the FHA annual audit requirement, Mr. Montgomery said. "We are in communication with them to see if we can resolve that," he said. The Bush administration formally released its FHA reform package April 5. The legislative proposal would increase the FHA single-family loan limits and allow the FHA to insure 40-year mortgages for the first time.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
8h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
9h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
9h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25