Government auditors have discovered that the four Federal Housing Administration regional offices rarely use their authority to suspend bad lenders, but that may be changing very soon, according to FHA Commissioner John Weicher.Auditors from the Government Accountability Office (formerly the General Accounting Office) found that only one homeownership center used its suspension to temporarily stop seven direct-endorsement lenders from making FHA loans during fiscal year 2003 and the first half of fiscal 2004. The FHA should "develop and implement guidance specifying the conditions under which a homeownership center must suspend a lender's direct endorsement authority," according to the GAO report. Mr. Weicher told the GAO in an October letter that the FHA is developing consistent standards for suspensions, and implementation "will occur by January 2005."
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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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