By a 20-1 vote, the Senate Banking Committee has approved a Federal Housing Administration reform bill that would lower the FHA downpayment requirement to 1.5% and raise the FHA loan limit to $417,000 in high-cost areas.Reforming the FHA is going to be a "big help" in dealing with the mortgage crisis, committee Chairman Christopher J. Dodd said after the mark-up of the bill. The chairman also thanked several senators for not offering government-sponsored enterprise amendments during the mark-up session that would raise Fannie Mae's and Freddie Mac's loan limits and the caps on their mortgage portfolios. The chairman told reporters he plans to mark up a GSE reform bill this fall and will "resist" any GSE amendments when the FHA bill goes to the Senate floor. The FHA reform is silent on the issue of FHA risk-based mortgage insurance premiums. But Sens. Dodd and Wayne Allard, R-Colo., raised concerns about Department of Housing and Urban Development moves to issue a risk-based premium proposal. "HUD seems to feel they have the authority to move forward on their own," Sen. Allard said. "At the very least, I think they need to consult with the Congress and seek out our consent."
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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