Recent problems in the mortgage markets are going to prolong the slowdown in home sales and building, according to the National Association of Home Builders, which is calling on the Federal Reserve Board to lower interest rates by 50 basis points at its next meeting.Tighter lending standards are making it harder for homebuyers to qualify for financing, according to 62% of homebuilders surveyed by the NAHB, and nearly a third of those builders said the tightening has affected sales. "The housing economy is down, it is hurting, and it doesn't look like it is going to bounce back as quickly as we'd hoped," NAHB chief executive Jerry Howard told reporters during a teleconference. NAHB chief economist David Seiders said he expects the Federal Reserve to cut the federal funds rate twice in 25-bp increments before the end of the year. But Mr. Howard urged the Fed to consider a 50-bp cut at its Sept. 18 meeting. The NAHB can be found online at http://www.nahb.com.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
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Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
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A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25