Senator Chuck Schumer, D-N.Y., is drafting a predatory lending bill that would create suitability standards for mortgage lending and a national regulatory system for all mortgage brokers.Congress must respond to the "emerging crisis" in the subprime market," Sen. Schumer said. "When so many mortgage brokers are able to deceive our most vulnerable families into loans that they can never afford, without batting an eye -- the system is broken." The suitability standard will ensure mortgage lenders and brokers "never issue a loan that the borrower cannot afford," he said. The New York senator, who chairs the Senate Banking subcommittee on housing, said he will be introducing the bill "very shortly."
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
October 2 -
Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
October 2 -
Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
October 2 -
The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
October 2 -
Southeast impairments run 150 bps above other regions and alt-doc loans are up 200+ bps since 2025, while DSCR and full-doc improve. Time to review overlays.
October 2 -
Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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