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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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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