The House has passed a Department of Housing and Urban Development appropriations bill after inserting language that prohibits the department from implementing a rule that would block seller-funded downpayment assistance on Federal Housing Administration-insured mortgages.Reps. Maxine Waters, D-Calif., and Gary Miller, R-Calif., offered the amendment, approved by voice vote, so that downpayment assistance providers like Nehemiah and AmeriDream can continue to assistance low-income families to become homeowners. "With passage of this amendment and the overwhelming support of the House of Representatives, the dream of homeownership for millions of Americans in need of downpayment assistance is alive and well," said Scott Syphax, president and chief executive of Nehemiah Corporation of America, Oakland, Calif. HUD recently proposed to ban seller-funded downpayment assistance, maintaining that it leads to inflated appraisals and high foreclosure rates on FHA loans. The HUD appropriations bill also increases FHA multifamily loan limits in high-cost areas and suspends for one year a cap on the number of reverse mortgages the FHA can insure.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23