Rep. Maxine Waters, D-Calif., says she suspects that subprime lending is responsible for rising foreclosure rates, and she is planning to hold hearings soon."Foreclosures are on the rise, and most evidence points to predatory and subprime lending as a major cause," the chairwoman of the House Financial Services subcommittee on housing told a Women in Housing and Finance luncheon. The chairwoman noted there are some areas with high foreclosure rates where economic problems and job losses cannot be identified. "We are really going to have to take a close look at what is going on with these foreclosures," she said. The housing subcommittee's first hearings will focus on housing problems in the Gulf Coast states that are still recovering from the 2005 hurricanes. Rep. Waters is planning to hold a hearing in New Orleans before the end of January.
-
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