With the gravitational pull of the subprime meltdown continuing to act as a drag on the housing market, Housing Secretary Alphonso Jackson went to the Mortgage Bankers Association's annual convention in Boston to remind financiers that "placing keys in the hands of new homeowners" is still the "real bottom line."Secretary Jackson told the convention that he hasn't been hearing enough lately about what is not only the American Dream but the dream of billions of people throughout the world. "A home represents empowerment, respect, pride, equality, financial security, and a stake in the community," he said. "It is where we live and grow up and grow old together." The HUD secretary also used his MBA appearance to stump for legislation that would reform the Federal Housing Administration, saying that it will "help break the cycle of foreclosure and price depreciation, and bring much-needed liquidity to the mortgage market." Noting that the Bush administration has exhausted its administrative ability to help people buy and keep their houses, he called on lawmakers to act quickly. "Each day of delay unnecessarily places thousands of families at risk of foreclosure," Secretary Jackson said.
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
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