The Department of Housing and Urban Development originally proposed to raise the affordable housing goals for Fannie Mae and Freddie Mac to 52%, but after a review by the White House budget office, the AH goals were raised to 57%.As published in the Federal Register in late April, the proposed rule raises the current low- and moderate-income AH goal from 50% to 52% in 2005, 53% in 2006, 55% in 2007, and 57% in 2008. However, a review of the original proposal that HUD submitted to the Office of Management and Budget on Jan. 30 shows that HUD wanted to raise the AH goal to 52% in 2005 and keep it at 52% through 2008. The comment period on the proposal ends July 2. A coalition of housing groups, as well as organizations representing county and city officials, is urging HUD to extend the comment period for 60 days.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
3h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
4h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
7h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16