Democrats and Republicans on the House Financial Services Committee were close to an agreement on a bill to create a federally insured zero-downpayment mortgage program, when the mark-up scheduled for April 29 was postponed.Republican leaders decided that there was not enough legislative business to keep the House in session on Thursday and adjourned early. As a result, the mark-up of H.R. 3755 will have to be rescheduled. Democrats have raised concerns about the extra 50 basis points homebuyers will have to pay for mortgage insurance to get a Federal Housing Administration zero-downpayment loan and the disclosures about the costs of the loan. Democrats also want to be sure that counseling and other mechanisms are in place so that unqualified borrowers don't end up with these loans. Zero-downpayment loans are expected to have higher default rates than the standard FHA loan, which has a 3% downpayment requirement. "We are working through those issues, and we are optimistic we are going to come to an agreement on the bill," said Kay Gibbs, a spokeswoman for the committee Democrats.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11