Conventional mortgage lenders increased their penetration of low-income neighborhoods in 2003, while originations of government-backed loans was relatively flat, according to the latest Home Mortgage Disclosure Act data.Conventional loan applications in low-income census tracts jumped 32.2%, from 117,187 loans in 2002 to 154,910 loans in 2003. Overall, home purchase applications increased by 10% in 2003. Meanwhile, conventional loan applications in moderate-income census tracts jumped 47.7%, from 643,881 loans in 2002 to 938,156 loans in 2003. "Adjusted 2003 data show that low- and moderate-income census tracts taken together experienced the largest increase (16%) in home purchase lending," the banking regulators said, compared with a 9% increase in middle- and upper-income census tracts. Meanwhile, conventional and government-backed home purchase lending was up 16% for Asians, 18% for Hispanics, 15% for blacks, and 11% for whites. Native Americans experienced a 5% decline in 2003.
-
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.
July 11 -
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