The House should be able to pass a GSE regulatory reform bill by April 2 when Congress leaves for its spring recess, according to Rep. Barney Frank, D-Mass.The new chairman of the House Finance Services Committee said the bill will tighten regulation of Fannie Mae and Freddie Mac but won't mandate a cut in their giant mortgage portfolios. The House bill will require the two government-sponsored enterprises to contribute the equivalent of 5% of their profits to affordable housing, Rep. Frank told reporters after speaking at the National Press Club. And it will include an increase in the GSE loan limit so Fannie and Freddie can purchase mortgages in high-cost areas of California and Massachusetts. As the new chairman, Rep. Frank said affordable housing is his top priority and that he is looking for ways to buy out apartment owners to preserve existing affordable rental housing.
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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.
April 25 -
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.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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