The Rev. Al Sharpton is calling on Senate Democrats to stop the Department of Housing and Urban Development from killing downpayment assistance programs that help Federal Housing Administration homebuyers just as the Democrats are trying to pass an FHA reform bill that also prohibits DPA programs.The civil rights activist said House Democrats have moved to block a HUD rule that would prohibit seller-funded downpayment assistance that Nehemiah Corporation of America and other nonprofits arrange for FHA borrowers. But Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., has been "missing in action," the Rev. Sharpton told reporters, when it comes to saving this homeownership program for minorities and low-income families. However, the Senate Banking Committee has approved an FHA reform bill that lowers the FHA downpayment requirement from 3.0% to 1.5% and prohibits seller-funded downpayment assistance on FHA loans. Senate Majority Leader Harry Reid, D-Nev., was trying to get the Senate to vote on an FHA reform bill Thursday. But Senate Republicans are stonewalling the Democrats on several major bills. The FHA reform bill's chances of getting through appear to be slim.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24