The Department of Housing and Urban Development is getting closer to issuing a proposed rule for public comment that restricts downpayment assistance on Federal Housing Administration single-family loans if the funds come from a person or company selling the house.This proposal would prevent nonprofit groups from cycling funds from sellers to FHA homebuyers. It essentially incorporates guidance in the FHA Handbook that downpayment and closing cost assistance cannot come from a donor that has an interest in the sale of the property. HUD data show that defaults on FHA loans with downpayment assistance from nonprofits are twice as high as on other FHA loans and the claim rate is three times as high. The HUD inspector general has been very critical of these downpayment assistance programs. The White House Office of Management and Budget has cleared the proposal, and HUD is expected to send it to Congress for a 15-day review period soon.
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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.
7h 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.
July 11 -
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