By a 5-4 vote, a House Judiciary subcommittee has approved a controversial bankruptcy bill that would allow distressed homeowners to file for bankruptcy and get their mortgages restructured.During the mark-up of the bill, Rep. Chris Cannon, R-Utah, agreed to withdraw a key amendment that would cap the amount of principal that could be reduced in bankruptcy at 10% of the fair value of the property after Rep. Mel Watt, D-N.C., pledged to work with the congressman to perfect the language. Rep. Watt signaled that he is "sympathetic" to the intent of the amendment but is concerned that it might create a long, drawn-out process for determining the value of the property. Democrats are planning to mark up the bankruptcy bill (H.R. 3609) soon in the full Judiciary Committee and move it quickly through the House, despite opposition from the financial services industry. Sen. Richard Durbin, D-Ill., has introduced a similar bankruptcy bill in the Senate.
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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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