Subprime mortgage lending contributed an estimated $1.68 billion in spending to Arizona's economy in 2001, according to a study released by the Arizona Financial Services Association.Greg Williams, the AFSA's executive director, said the study shows the economic significance of the industry to Arizona and warned that "over-regulation" could have "dire effects" on a struggling economy. The study, conducted by the Center for Statistical Research, also found that subprime mortgages provide credit chiefly to borrowers with incomes near or above the median household income, the AFSA reported. Moreover, mortgage lending in Arizona is not focused on areas with high concentrations of Hispanics or other minorities, the association said. The AFSA can be found online at http://www.arizonafsa.org.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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