Housing Secretary Mel Martinez is seriously considering a run for the U.S. Senate seat in his home state of Florida, and if he decides to run it could have implications for RESPA reform.Secretary Martinez, who was accompanying President Bush on the president's visit to Florida, told the Orlando Sentinel that "I've just decided that I should be open to the possibility" of running. Republican political operatives have been urging the secretary to enter the race for over a year. The Democratic incumbent, Sen. Bob Graham, recently announced that he will not run for re-election. If the secretary throws his hat into the ring, industry observers believe it could give the secretary's RESPA reform proposal new life. Under this scenario, the White House would clear the way for the secretary to issue his rule to reform the mortgage application and settlement process. Reform of the Real Estate Settlement Procedures Act has been Secretary Martinez's main priority, and housing industry opposition to the rule might play well on the campaign trail.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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