The comptroller of the currency's decision to issue two controversial regulations that pre-empt state predatory lending laws and shield national banks from state enforcement is expected to be the subject of very hot hearings after Congress returns.Sen. Paul Sarbanes, D-Md., is not happy with the OCC's decision to issue the two final rules. "This extreme position unnecessarily and irresponsibly undermines critical consumer protections," a spokesman for Sen. Sarbanes said. In early December, Sen. Sarbanes and nine other Democrats on the Senate Banking Committee urged Comptroller John Hawke to abandon his pre-emption agenda and start enforcing state predatory lending laws. Mr. Hawke is slated to testify before the banking committee in early February along with other regulators to discuss the state of the banking industry. Meanwhile, Rep. Sue Kelly, R-N.Y., is gearing up to hold a hearing on the OCC's action. "The laws of 50 states should not be pre-empted by a federal regulator without public debate," Rep. Kelly said. "The OCC is tasked with interpreting congressional intent, and it will now have to justify its decision to Congress." The congresswoman chairs the House Financial Services oversight and investigations subcommittee.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28