In an emotional finale to his run as president of the National Association of Mortgage Brokers, the normally jovial Jim Nabors challenged consumer advocates to join him and other loan officers for a week as they work not just to put people into homes but also to keep them there.Following a three-man fife-and-drum team, and speaking under a banner that said, "Life, Liberty and the Pursuit of Home Ownership," the Cleveland broker said he and his colleagues are unjustly accused of putting people into loans they cannot afford or products they cannot handle. Struggling to rein in his feelings, he said the antagonists fail to see the efforts to which troubled owners go to keep their homes and the countless hours brokers work to help them. Sometimes the only way to save someone's home is to get a new loan at a higher rate, Mr. Nabors said. Yes, the monthly payments go up, but at least the homeowner is not on the street. "We help people realize the American dream, but a lot of what we also are about is helping people keep the American Dream," he said. "We take a lot of heat for that, but if that's the price we have to pay, so be it."
-
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