The Senate has passed a consumer bankruptcy bill by a 74-25 vote, clearing the measure -- which addresses some foreclosure issues -- for quick action in the House.The bill is the product of eight years of congressional debates and amendments, according to the American Bankers Association. "The time has come for this fair and balanced bill to become law," ABA executive vice president Edward Yingling said. The 500-page bill (S.256) contains language that prohibits bankruptcy judges from reducing the amount of a debtor's mortgage. This cram-down provision reinforces a Supreme Court decision, but it could become controversial if housing prices start to decline. One provision sought by the Mortgage Bankers Association would remove a $4 million cap on single-asset bankruptcies so that owners of large commercial properties cannot drag out the bankruptcy process and delay foreclosure at the lender's expense. "We are very pleased the Senate has passed this legislation," MBA senior vice president Kurt Pfotenhauer said. President Bush has signaled that he is ready to sign the bankruptcy bill.
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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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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18