There are "three troubling themes" that are affecting the mortgage industry, Mortgage Bankers Association Chairman Rob Couch told the Northeast Regional Conference of Mortgage Bankers Associations in Atlantic City Wednesday.The first is predatory lending. Every state that has enacted a predatory lending law has seen a reduction in the availability of subprime credit, he said, adding that what needs to be talked about is where to "strike the balance." To increase homeownership rates, the industry needs to find a way to reach those that have not been reached before, Mr. Couch said. The second issue is the perception of "foreclosures run amok," he said, dismissing as "hooey" complaints that mortgage bankers put people in homes just to fail. With total foreclosures at 1.29%, Mr. Couch sees "the glass at 98.71% full." Even with subprime driving foreclosures to 5.63%, that means 94.37% are not in foreclosure. The third troubling issue, he said, involves complaints of "too much subsidy for homeownership," including recent comments by Federal Reserve Chairman Alan Greenspan. "Homeownership is the single best vehicle for the accumulation of wealth," Mr. Couch said, challenging Mr. Greenspan to attend a closing for a first-time homebuyer.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11