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.
-
The Office of the Comptroller of Currency said it will no longer include examinations for disparate impact liability but will still perform fair lending risk assessments on a regular basis.
6m ago -
The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
1h ago -
Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
2h ago -
Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
3h ago -
While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
3h ago -
Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
6h ago