Rep. Mel Watt, D-N.C., is preparing to reintroduce his predatory lending bill, modeled after the North Carolina predatory lending law, very soon."North Carolina's predatory lending law has worked, and we think it is a good model for a federal predatory lending law," Rep. Watt told a Washington meeting of the Association of Community Organizations for Reform Now. He noted that studies have shown the 1999 North Carolina law has reduced abusive practices without restricting access to subprime loans. Reps. Watt and fellow North Carolina Democrat Brad Miller introduced a similar bill (H.R. 3974) last year. But this time the bill will prohibit binding mandatory arbitration and restrict prepayment penalties on loans with balances under the FHA loan limit ($312,895). Rep. Watt said he has not seen a predatory lending bill that Reps. Bob Ney, R-Ohio, and Paul Kanjorski, D-Pa., are expected to unveil soon. "We are going to [introduce] our bill, and then we will see if we can work together," Rep. Ney said.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
September 17 -
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
September 17 -
Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
September 17 -
The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
September 17 -
Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17