The Senate has confirmed Alphonso Jackson to be the new secretary of the Department of Housing and Urban Development.Mr. Jackson has run housing authorities in St. Louis, Washington, and Dallas. He was a Texas electric utility executive when he was tapped to become the deputy secretary at HUD in 2001. A few weeks ago, his confirmation appeared be in jeopardy until the Bush administration decided to withdraw a controversial final rule to revamp the mortgage application and settlement services process. Mr. Jackson has served as the acting HUD secretary since former Secretary Mel Martinez resigned in December to run for the Senate. Meanwhile, President Bush has nominated Romolo A. Bernardi to serve as deputy secretary under Mr. Jackson. Mr. Bernardi is currently the HUD assistant secretary for community planning and development.
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After home equity surged in 2023, average gains slowed last year before falling into negative territory over the past 12 months, Cotality said.
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For 2026, the mortgage industry operating environment will improve, while nonbank financial metrics should be within Fitch's rating criteria sensitivities.
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Rohit Chopra is named senior advisor to the Democratic Attorneys General Association's working group on consumer protection and affordability; Flagstar Bank adds additional wealth-planning capabilities to its private banking division; Chime promotes three members of its executive leadership team; and more in this week's banking news roundup.
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The executive order described state legislation on artificial intelligence as a cumbersome patchwork, and pledged to develop a national framework.
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The Department of Housing and Urban Development announced the FHA-insured loan caps for low- and high-cost areas, which are set based on conforming loan limits.
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Kansas City Federal Reserve President Jeffrey Schmid and Chicago Fed President Austan Goolsbee said in statements Friday that their dissents from this week's interest rate decision were spurred by inflation concerns and a lack of sufficient economic data.
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