The increasing use of interest-only loans, option ARMs, and other "exotic" forms of adjustable-rate mortgages is raising eyebrows at the Federal Reserve Board."The apparent froth in the housing markets may have spilled over into the mortgage markets," Fed Chairman Alan Greenspan told a congressional panel. "To be sure, these financing instruments have their appropriate uses. But to the extent that some households may be employing these instruments to purchase a home that would otherwise be unaffordable, their use is beginning to add to the pressure of the marketplace." Mr. Greenspan said home prices in some local markets have risen to unsustainable levels and that speculative activity may be playing a greater role than in the past. However, the Fed chairman said he still does not believe that the aftermath of this housing boom will have much impact on the overall economy. "The U.S. economy has weathered such episodes before without experiencing significant declines in the national average of home prices," he testified.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.
March 27