Fannie Mae estimates that half of subprime borrowers have only slightly blemished credit records, and the mortgage giant intends to be more aggressive in serving this market, according to Fannie Mae chairman and chief executive Franklin Raines."Fannie is moving ahead with a concerted effort to serve the subprime market," Mr. Raines told the America's Community Bankers annual convention. "And helping our ACB partners compete and succeed in this market is a vital part of the strategy." [It could not be immediately determined whether this would require a charter revision for the government-sponsored enterprise.] Mr. Raines noted that $323 billion of subprime loans were originated last year and the market is growing. "We estimate that about half of subprime borrowers have only slightly blemished credit and are just a notch away from qualifying for Fannie Mae's prime conventional financing," Mr. Raines said. He added that Fannie Mae could serve those subprime borrowers without lowering its credit standards. Fannie Mae can be found online at http://www.fanniemae.com, and ACB can be found at http://www.americascommunitybankers.com.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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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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