Congress has finally passed the $388 billion omnibus appropriations bill, which includes additional funding for the Office of Federal Housing Enterprise Oversight but cuts funding for the president's signature housing initiative -- the American Dream Downpayment Assistance program.The omnibus appropriations bill (H.R. 4818) for fiscal year 2005 also renews loan commitment authority for the Federal Housing Administration mortgage insurance programs. H.R. 4818 keeps loan commitment authority for the FHA single-family program at $185.0 billion and Ginnie Mae's loan guarantee limit at $200 billion -- the same as last year. But it raises the loan commitment authority for the FHA multifamily program from $25 billion in fiscal 2004 to $35 billion in fiscal 2005. OFHEO received nearly a 50% increase in its budget, to $59.2 million, as requested by the Bush administration. However, the president's request for $200 million for his downpayment assistance program was cut to $50 million. Meanwhile, the Department of Housing and Urban Development's budget has been cut by $618 million to $37.3 billion.
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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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