A new subprime product totally different from anything seen before will be created within six months, according to a panelist at the SourceMedia Nonprime Lending Symposium in Las Vegas.Tom Zimmerman, managing director and head of asset-backed securities research at UBS, said the industry needs to create a subprime product "that makes sense," noting that some think a product like the 2/28 adjustable-rate mortgage is not appropriate for people who already have problems making payments. Mr. Zimmerman also noted that we have gone from an era when early payment defaults were "unusual and unexpected" and less than 1% to a point where 6%-10% of all loans in packages are being put back for EPDs.
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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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