President Bush's chief economic advisor said the housing market has been "hit harder" than expected and he isn't sure when it will bottom out."Obviously, we don't like to see any one industry get hit and hit hard. That affects people's jobs," said Ed Lazear, chairman of the President Council of Economic Advisers. But so far the downturn in the housing section has not really impacted construction jobs because commercial construction has "taken up much of the slack," the CEA chairman told reporters. Nevertheless, the President's chief economist has lowered his estimates of real gross domestic product from 3.6% in 2006 to 3.1% because of the housing sector. But he believes the most the decline in housing activity has already occurred. "Whether it's bottomed out now or whether it will take another quarter or so I think is still up for grabs," Mr. Lazear said.
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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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