Rural Opportunities Inc., a multistate rural development organization based in Rochester, N.Y., has announced the formation of a partnership with Fannie Mae to protect affordable rental properties in the Northeast."The net loss of affordable units in rural communities is of particular concern in the face of mounting challenges to the development of new projects in smaller communities," said Lee Beaulac Sr., vice president of ROI, which is part of the national NeighborWorks network. The ROI/Fannie Mae partnership will focus in particular on properties that have been financed by the Department of Agriculture's Rural Housing Service and, to a lesser extent, by the Department of Housing and Urban Development. Fannie and ROI were joined in the announcement by Sen. Hillary Rodham Clinton, D-N.Y., who "played a key role in encouraging the formation of the partnership," they said. Fannie Mae can be found online at http://www.fanniemae.com.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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