Senate appropriators have approved a Department of Housing and Urban Development spending bill that includes $100 million for foreclosure prevention counseling.Sen. Charles E. Schumer, D-N.Y., said the $100 million will go to nonprofit counseling agencies that work with borrowers who are trapped in unaffordable subprime loans. "The current situation in the subprime mortgage market is untenable," Sen. Schumer said. "The more we do to help solve it, the fewer families will be faced with losing their homes because of bad loans and dubious mortgage brokers." Sen. Schumer and two fellow Democrats -- Sens. Robert P. Casey Jr. (Pa.) and Sherrod Brown (Ohio) -- have co-sponsored a bill that would provide $300 million for foreclosure prevention counseling and clamp down on certain kinds of subprime lending. The HUD appropriations bill also increases the loan limit on Federal Housing Administration-insured multifamily mortgages and suspends for one year a cap on the number of reverse mortgages the FHA can insure.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
6h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23 -
Better's home equity loan product can be originated in a week or less, the company says.
April 23