A senior member of the Senate Banking Committee, Sen. Charles E. Schumer, D-N.Y., is expected to be the new housing subcommittee chairman, according to sources, although it has not been officially announced.The housing subcommittee has jurisdiction over the housing government-sponsored enterprises, and the New York senator has fiercely opposed Bush administration efforts to substantially cut the size of Fannie Mae's and Freddie Mac's mortgage portfolios. Sen. Jack Reed, D-R.I., was the ranking Democrat on the housing subcommittee last year, but he is going to chair the securities and investment subcommittee. Sen. Reed is the author of a proposal that would require Fannie and Freddie to contribute 5% of their profits toward an affordable housing fund.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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