Sen. Richard Shelby, R-Ala., has placed on hold on the President's nominee David Stevens to be the new Federal Housing Administration commissioner as the result of lawsuit against his former employer Long and Foster. The Senate Banking Committee approved four other Department of Housing and Urban Development nominees on Tuesday (April 28) and cleared the way for their confirmation by the full Senate. However, committee chairman Christopher Dodd, D-Conn., did not seek a vote on Mr. Steven's nomination. "Sen. Shelby agreed with chairman Dodd that this matter needs to be thoroughly examined before moving forward with a committee vote on Mr. Stevens' nomination," said a spokesman for Sen. Shelby. The class action lawsuit is understood to involve possible RESPA violations by Long and Foster, which is the largest privately owned real estate brokerage firm. Meanwhile, the committee approved the following HUD nominees: Ronald Sims to be deputy secretary, Helen R. Kanovsky to be general counsel, Peter Kovar to be assistant secretary for congressional and intergovernmental affairs, and John D. Trasvina, to be assistant secretary for fair housing and equal opportunity.
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The Mortgage Bankers Association says the three-day post-close period is redundant, but consumer groups called it vital for borrowers and required by law.
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Homeowners won't trade in their cheap mortgages so lenders keep finding other ways to reach that equity. Bond buyers keep showing up.
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The filing alleges TWO executives engaged in a "stealth mission" to get the deal canceled, including subverting participation in a March shareholder vote.
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One of three Federal Open Market Committee members to vote for a higher federal funds rate last month, the Cleveland Fed president is undeterred by the labor force decline in July.
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Some equity and credit agency researchers have lowered their sights in line with market changes, but their forecasts suggest stability for those that pivot.
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The new record arrives after five months of annual home-price growth, which surged to its highest in more than a year, according to ICE Mortgage Technology.
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