"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.
-
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.
July 3 -
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.
July 3 -
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.
July 3 -
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.
July 3 -
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.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3