Changes to the tax or regulatory treatment of certain mortgage-related products in the United Kingdom are among the recommendations of a long-awaited report released March 12 by the U.K. Treasury.The report by University of London Professor David Miles includes a suggestion that the government treat "products that give interest rate protection for mortgage borrowers as insurance for tax purposes" and treat "covered bonds issued by U.K. lenders the same way for regulatory purposes as those issued in countries where specific legislation governing issuance has been necessary." The U.K. Treasury's website address is http://www.hm-treasury.gov.uk.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16