Meanwhile, the Federal Reserve Board chairman told a credit union convention that fixed-rate mortgages are an expensive way to finance a home, and he challenged the industry to come up with new products."American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage," Mr. Greenspan said. Homeowners with fixed-rate mortgages paid a high premium over the past 10 years for the right to refinance and to protect themselves from spikes in interest rates, the Fed chairman said. "Indeed, recent research within the Federal Reserve suggests that many homeowners might have saved tens of thousands of dollars had they held adjustable-rate mortgages rather any fixed-rate mortgages during the past decade, though this would not have been the case, of course, had interest rates trended sharply upward," he said.
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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