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.
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
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