The House Financial Services Committee has approved a bill that would allow the Federal Housing Administration to insure zero-downpayment loans for first-time homebuyers.The bill (H.R. 3755) would establish a five-year pilot program for the zero-downpayment loans and cap originations at 10% of the FHA's loan endorsements. Several committee members have voiced concern that the high loan-to-value mortgages will result in even higher FHA default and foreclosure rates. Besides forgoing a downpayment, H.R. 3755 also allows lenders to roll the closing costs into the loan. Several committee Democrats said they want to loosen the 10% origination cap before the bill goes to the full House for a vote.
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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.
April 25 -
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.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
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.
April 25