The National Association of Home Builders has frozen all political contributions out of frustration with what it deems feeble efforts by the Bush administration and Congress to stabilize the housing market and stimulate homebuying. "More needs to be done to jump-start housing and ensure the economy does not fall into recession," NAHB president Brian Catalde said. "This action [to cease all NAHB Build-Pac contributions] will remain in effect until further notice." Congress recently rebuffed the builders' request to include a tax credit for homebuyers in the recently passed economic stimulus bill. "We need something powerful to stimulate homebuying," NAHB chief economist David Seiders said, particularly for buyers of new homes and inventory. "We've got to get this inventory knocked down or the chances of getting a housing recovery are really tenuous," he said at the builders' annual convention in Orlando, Fla. Mr. Seiders voiced optimism that the housing market will stabilize later this year, which would help the credit markets and the overall economy. But he warned that all bets are off if housing prices continue to drop. "We already have an unprecedented decline in house values," he said.
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The Senate passed a bipartisan housing package, which includes certain community bank provisions, in an 85-5 vote. The House is set to vote on the package Wednesday.
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Ralo uses artificial intelligence to automate the entire process, saving consumers money by cutting out commissioned loan officers, processors and underwriters.
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Part of the proposal affects the risk weighting for certain "investment properties and other cashflow-dependent" mortgages, according to a new Pennymac report.
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William Isaac led the Federal Deposit Insurance Corp. through the banking and thrift crises of the 1980s and was a frequent commentator on bank regulation after his time in public service.
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The longtime Federal Reserve chair served under four presidents and presided over the deregulatory and pro-market push of the 1990s and early 2000s that set the stage for the 2008 mortgage crisis.
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Life insurers have offloaded long-term policyholder liabilities into offshore reinsurance and captive subsidiaries, raising concerns over state oversight of opaque investment vehicles and whether insurers have adequately funded claims.
June 22









