Rep. Jan Schakowsky, D-Ill., is taking the Department of Housing and Urban Development to task for refusing to release a report on the possible discriminatory impact of Fannie Mae's and Freddie Mac's automated underwriting systems.The congresswoman maintains that HUD has provided Fannie and Freddie with copies of the report, which was initiated in 2000 to determine whether their AU systems discriminate against minority borrowers. "I have deep concerns about your decision to allow the companies you regulate to view the report before providing it to Congress or the public," she says in an Oct. 30 letter to HUD Secretary Mel Martinez. "This action is both surprising and questionable. Certainly, it makes no sense to deny Congress and the public access to this report now," Rep. Schakowsky says in the letter. "Releasing the report would serve to inform Congress and the public as to whether these systems work in a non-discriminatory fashion."
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24