Three major housing trade groups want to stop the Office of Federal Housing Oversight from moving forward with a proposed formula that could trigger a decline in the conforming loan limit in 2009 if house prices decline by 1% or more this year.In a letter to Congress, the Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors warn that a reduction in the $417,000 confirming loan limit could be "detrimental" to the economy, homebuyers, homeowners, and the housing industries. "[W]e respectfully request that you encourage OFHEO to withdraw the proposed guidance," the trade groups say in a letter to the ranking members of the House and Senate banking committees. OFHEO's formula would allow a decline in the conforming loan limit as house prices decline, but with a one-year lag. So a possible decline in house prices this year would not affect Fannie Mae and Freddie Mac mortgage purchases until 2009. The CLL also serves as a benchmark for loan limits on Federal Housing Administration-insured and Department of Veterans Affairs-guaranteed loans.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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