Subprime mortgage lending contributes significantly to Tennessee's economy and is reasonably priced in view of the credit risks involved, according to a study released by the Tennessee Consumer Finance Association.TCFA president John Bruno warned that "over-reaching pricing restrictions" on subprime lending could hurt the state's weak economy. "This research reveals how economically significant the Tennessee subprime lending industry is, making a valuable contribution to the recession-hit state economy while providing fair and reasonably priced mortgage credit for individuals who might well be denied credit elsewhere," he said. Warning of "damaging regulation which has had such disastrous effects in other states," Mr. Bruno urged Tennessee policymakers to adopt "a sensible and measured approach to any regulation." The study, conducted by the Center for Statistical Research, also found that subprime mortgage lending in Tennessee is not concentrated in areas dominated by minority and low-income households. The most common users of subprime mortgage credit in the state are borrowers with incomes near or above the median household income, TCFA reported.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25