There is "no quick solution" to the problems in the credit markets, Treasury secretary Henry Paulson said, but he noted that the Bush administration is considering ways to help homeowners who are facing foreclosure."We are really focused on the homeowners who are in danger of losing their homes and thinking about policy options to address that segment of the market," secretary Paulson said during an interview on CNBC-TV. The secretary did not reveal any proposals for homeowner assistance. However, it is known that Department of Housing and Urban Development officials are working on a proposal that would allow delinquent subprime borrowers to refinance into a Federal Housing Administration-insured mortgage. Congress is on track to provide $100 million in additional funding for foreclosure prevention counseling and some senators want to provide funding to bolster state-sponsored foreclosure rescue funds. The Treasury secretary said it will "take a while" to workout all the excesses and bad lending practices of the past few years. But he noted that he is seeing signs of more liquidity in the jumbo nonconforming market.
-
Transunion will offer the credit scoring model for $4 in 2026, following previous moves made by VantageScore partners Experian and Equifax.
October 18 -
Flagstar shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more in this week's banking news roundup.
October 17 -
Approximately three years after the one-time non-depository bought Roscoe (Texas) State Bank, Cornerstone Capital Bancorp agreed to purchase Peoples Bancorp.
October 17 -
Regulators also accused Southern California-based E Mortgage of failing to properly supervise remote employees and cooperate with their examinations.
October 17 -
While borrowing activity increased from a year ago, seasonal patterns and economic concerns suggest near-term slowing, the Mortgage Bankers Association said.
October 17 -
Solve stages an acquisition, Intercontinental Exchange partners on new indices, Optimal Blue adds updates and Incenter offers a CRA loan trading platform.
October 17