House Financial Services Committee chairman Barney Frank, D-Mass., is adding a provision to his massive regulatory reform package that would provide $3 billion in relief for unemployed homeowners. The chairman is tapping the Troubled Asset Relief Program to fund "emergency" loans and advances. Assistance would be capped at $50,000 per homeowner. As expected, House Judiciary Committee Democrats have submitted an amendment that would allow bankruptcy judges to reduce or 'cram down' the principal amount of a homeowner's mortgage. The House Rules Committee decides which amendments will be considered when debate begins on The Wall Street Reform and Consumer Protection Act (H.R. 4173). Meanwhile, a coalition of lender groups has succeeded in getting congressional sponsors to submit a risk retention amendment to the Rules Committee. It requires regulators to create a category of low-risk mortgages that are exempt from risk retention. H.R. 4173 currently gives the regulators the discretion to set risk retention requirements as high as 5% on most mortgages.
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
5h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
8h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
10h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
10h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago