The Bush administration generally supports the GSE bill drafted by Senate Banking Committee Chairman Richard Shelby, R-Ala., but the bill could be improved by imposing tougher affordable housing goals and a stricter product approval process, according to Treasury Secretary John Snow."A new first-time homebuyer goal should be instituted, requiring Fannie Mae and Freddie Mac to serve key housing policy objectives, particularly with respect to underserved populations," Secretary Snow says in a letter to Sen. Shelby. The secretary also urged the Alabama senator to strengthen the product approval process for the government-sponsored enterprises. It took the Treasury secretary four days to express his lukewarm support for Shelby's bill, even though the bill includes a receivership provision, which is a priority for the Bush administration. Any effort to weaken the receivership powers would be "unworthy of the reform efforts you have championed," Secretary Snow says in the March 30 letter to the Sen. Shelby. Sen. Paul Sarbanes, D-Md., plans to eliminate the receivership provision during the banking committee mark-up of the GSE bill, which is scheduled for Thursday afternoon.
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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.
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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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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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.
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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.
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