The Senate has confirmed the president's picks to head the Office of Federal Housing Enterprise Oversight, Ginnie Mae, and the Federal Deposit Insurance Corp.By unanimous consent, the Senate cleared the way for Rob Couch to be the new Ginnie Mae president and Sheila Bair to be the new FDIC chairman. The Senate also confirmed James B. Lockhart, who has served as the acting OFHEO director for the past six weeks. Mr. Couch, a former Mortgage Bankers Association chairman (from October 2003 to October 2004), was the president of New South Federal Savings Bank, Birmingham, Ala. Ms. Bair served as Treasury assistant secretary for financial institutions during the first two years of the Bush administration. She resigned in 2002 to become a professor at the University of Massachusetts-Amherst. The other banking regulators have been waiting for Ms. Bair's confirmation to begin drafting final underwriting guidance on interest-only and payment-option mortgages.
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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.
6h 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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h 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.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11