"The structure of today's mortgage market does not serve Latinos well," a housing policy analyst for the National Council of La Raza told a Federal Reserve Board hearing June 9.Speaking at the Fed hearing in Philadelphia, Janice Bowdler said Latino consumers are more likely to choose a provider by relationship than by price. The most popular products in the Latino community are payment-option mortgages, 100% financing, and stated-income loans from subprime lenders, she said, adding that even when prime lenders advertise to Latinos, they are marketing those products and not the conventional products available from Fannie Mae and Freddie Mac. There are products available, but there is no incentive for originators to use them, she said. Ms. Bowdler concluded her remarks by noting that market intermediaries such as mortgage brokers do play an important role, but she said improved accountability standards are needed to protect consumers.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
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The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
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The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
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A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
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