Because the appropriations process is crowding out other legislation, House Financial Services Committee Chairman Barney Frank, D-Mass, says he believes passage of a Federal Housing Administration reform bill will have to wait until Congress returns from its August recess in September.During floor debate on a housing resolution, Rep. Frank said a dispute over origination fees on FHA-insured reverse mortgages held up action on the FHA bill until the July 4th recess. That has been resolved, he said, but added that "we then ran out of time because of the appropriation process." The House Financial Services Committee approved the FHA reform bill (H.R. 1852) on May 3. The reforms would increase the FHA single-family loan limits and allow the FHA to charge risk-based premiums and offer zero-downpayment loans. The Senate Banking Committee has scheduled its first FHA hearing for July 18, and FHA supporters are hoping it will lead to the introduction of an FHA reform bill in the Senate soon.
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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.
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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.
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.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11