Organization Root Tag

At the same time builders and lenders report contracting credit on offer, sentiment in the residential construction industry improved in the latter half of 2024.

The president of the union for department employees claims 50% of HUD's workforce will be cut, and government contracts were being scrutinized.

Consumer and employees groups are seeking a restraining order against CFPB acting Director Russell Vought, arguing that he was unlawfully installed and has "no power to direct" the bureau.

The enterprise failed to improve on its net income but did report a steady profit, and got closer to meeting minimum risk-based regulatory capital requirements.

On Thursday night, the Trump administration fired dozens of employees at the Consumer Financial Protection Bureau, according to an email obtained by American Banker. Most of the workers targeted had been hired by former CFPB Director Rohit Chopra.

The mayor and city council of Baltimore, along with a Maryland-based economic justice group, are suing the bureau and its acting director, claiming that the recent decision to "defund" the CFPB will leave it unable to support communities.

But the company took a credit loss provision in the fourth quarter, deciding to add to its reserves because of new mortgage acquisitions to its portfolio.

Federal Reserve Chair Jerome Powell said insurance companies and banks are already pulling out of disaster-prone areas, which could pose problems.

The Federal Reserve is set to refrain from cutting interest rates for "quite a while," following a hotter-than-expected inflation report, according to Mohamed El-Erian. 

The latest refinance surge helped lift total application activity up for a second straight week, even as purchases fell, the Mortgage Bankers Association said.

Joseph Otting, who is leading Flagstar's turnaround, said potential buyers may be interested in acquiring the regional bank once it gets past certain challenges.

Lenders increased offerings in jumbo and non-QM segments as the industry focuses on customers with strong credit, the Mortgage Bankers Association said.

Speaking to reporters from the Oval Office, the president was asked if he wanted to eliminate the bureau. "I would say, yeah," Trump replied. "Because we're trying to get rid of waste, fraud and abuse."

The acting leader is a co-author of the conservative playbook in which a former Fannie Mae and HUD director calls for abolishing the regulator.

McKernan, a member of the Federal Deposit Insurance Corp.'s board of directors, offered measured resistance to Biden-era bank regulation and led on a number of issues including cracking down on the influence of asset managers who hold stakes in FDIC-insured banks.

As a market leader, Rocket Companies rebranding comes in the foreground of several court battles and fluctuating earnings performance.

TD has been adjusting its balance sheet to comply with a cap on its U.S. retail banking assets, imposed last year as part of its money-laundering plea.

Looking to recreate the buzz from its 2016 ad, Rocket leads spectators at the Superdome into a live version of 'Take Me Home Country Roads' during the big game.

Russell Vought, the Consumer Financial Protection Bureau's new acting director, ordered staff to stop all work and closed the agency's headquarters for a week.

While prices and mortgage rates are having an effect on consumers, homeownership is still more affordable than renting in much of the country, new research found.