Rep. Bob Ney, R-Ohio, a housing subcommittee chairman who has been tainted by the congressional lobbying scandal, has dropped his re-election bid for a seventh term and plans to step down in January."After much consideration and thought, I have decided to no longer seek re-election," Rep. Ney said. His ties to lobbyist Jack Abramoff, who pleaded guilty to conspiring to bribe congressmen, have dogged Rep. Ney for the past year. It is understood that federal prosecutors are considering bringing possible charges against the Ohio congressman. "Congressman Ney's decision is a political and practical one and not a legal one," his attorney said. "Congressman Ney has done nothing wrong, and there is no credible basis to charge him with a violation of law." Rep. Ney chairs the housing subcommittee of the House Financial Services Committee.
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The new law adds rules, including counseling requirements, which would put severe constraints on originations of HEIs, an industry representative said.
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Federal Reserve Gov. Christopher Waller said certain corporate functions at the 12 regional banks, including information technology and human resources, could be consolidated under one structure to increase standardization and reduce costs.
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More than 21% of reverse mortgage clients entered counseling with a deficit in their monthly budget last year, almost double the 12.2% of clients in 2024.
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Kevin Warsh, President Donald Trump's pick to lead the Federal Reserve, denied that he would act as Trump's "sock puppet" if he's confirmed and said the president has directed him to lower interest rates.
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The Chicago-based homeowners received a $41,000 check to pay down a portion of their existing mortgage, freeing them from the lock-in effect, DREAM product provider Takara said.
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March home sales increased 31.6% from February, the largest month-over-month jump since 37.4% in 2023, according to Remax's latest national housing report.
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