The industry has to be careful of blaming itself too much for the subprime niche's recent wave of performance concerns, says Countrywide Financial chairman and chief executive officer Angelo Mozilo, citing other "complex" contributing factors such as home price depreciation, Federal Reserve interest rate hikes, and fraud.Addressing the opening general session of the Mortgage Bankers Association's secondary market convention in New York, Mr. Mozilo indicated that the slowdown in home price appreciation in particular helped put the market in a position that can be described by the saying, "You never know you're swimming naked until the tide goes out." He noted that other contributing factors included a lot of competitive "pressure to make loans" in the market.
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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.
July 11 -
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.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
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