Unequal access to home mortgages and a changing market structure are burdening with high-cost mortgage debt low-income homebuyers who lack the knowledge to shop for affordable products, according to research by the Harvard University Joint Center for Housing Studies.According to center director Nicolas P. Retsinas, new technologies "have spawned a revolution in mortgage finance" enabling millions of low-income families "to obtain home mortgages on favorable terms." However, he said, "The mortgage broker-led 'push marketing' of low-downpayment, high-cost mortgages has left some unsuspecting borrowers with mortgage debt they cannot afford and may not even need." Entitled "Credit, Capital, and Communities: The Implications of the Changing Mortgage Banking Industry for Community Based Organizations," the 18-month study funded by the Ford Foundation was released at a Federal Reserve Board briefing. It found that mortgage brokers are most prevalent in the subprime market, where they accounted for almost 45% of subprime home mortgage originations in 2002 -- 16 percentage points higher than their share of prime mortgage originations.
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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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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
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.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27