Meanwhile, the National Association of Home Builders says it is willing to explore the idea of an independent agency to regulate Fannie Mae and Freddie Mac, according to the trade group's chief executive Jerry Howard.However, the NAHB will "fight" to make sure the Treasury Department does not get control of mission regulation and the approval of new products and activities. That authority over Fannie and Freddie should not "belong to people who are anti-housing," Mr. Howard told MortgageWire. The NAHB chief executive made his comments in reaction to statements by Treasury Assistant Secretary Wayne Abernathy that the Bush administration is not willing to compromise on its proposals to create a new regulator for the government-sponsored enterprises. "We are going to stand just as strong as Mr. Abernathy," he said. The NAHB prefers assigning safety-and-soundness regulation to the Treasury and leaving mission regulation with the Department of Housing and Urban Development. "We are going to defend the importance of a flexible housing finance system that is regulated by people who understand housing and place housing finance as a priority," Mr. Howard said.
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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.
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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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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