A key House subcommittee passed legislation Wednesday that would allow the Federal Housing Administration to insure zero-down mortgages, but with certain conditions attached.The bill, "The Zero Downpayment Act of 2004" (H.R. 3755), passed the Housing Subcommittee Wednesday afternoon. It includes an amendment mandating that the Department of Housing and Urban Development suspend the program if the claim rate on FHA-insured zero-down loans exceeds 3.5%. Introduced by Rep. Patrick Tiberi, R-Ohio, H.R. 3755 also requires consumers using the program to receive pre-purchase counseling. Before the FHA can insure the loans, HUD must run the mortgages through its new automated underwriting system. Legislators say they believe the bill would help 150,000 additional families become homeowners.
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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.
6h ago -
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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
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