Bank regulators are considering a measure that would rewrite the rules implementing the Community Reinvestment Act. They should consider taking their existing rules seriously.

Redfin Corp. is shuttering its iBuying business and laying off workers for the second time in almost five months, as the likelihood of a prolonged U.S. housing slowdown continues to ripple through the industry.

It came as a surprise to many housing experts that Asian, Black and Hispanic homeownership rates all jumped last year by more than 2 percentage points, according to quarterly Census Bureau data.

The most recent cuts bring the company's total headcount reduction to over 1,000 employees this year.

The firms trimming payroll include lenders, a mortgage insurance giant, an iBuyer and an online notarization software provider.

Opendoor Technologies Inc. is laying off about 550 employees after higher mortgage rates cratered U.S. housing demand.

The Connecticut mortgage vendor announced that after an exhaustive process of evaluating all options, it has decided to "cease doing business."

Kristy Fercho, who's run the bank's home lending division since August 2020, will report directly to CEO Charlie Scharf and sit on the operating committee. Last year, she became the first Black person to chair the Mortgage Bankers Association, and she took the top spot in American Banker's Most Powerful Women to Watch this year.

The lender earlier this year also filed a poaching suit against CrossCountry Mortgage.

Major efforts are underway to eliminate discriminatory practices in property valuations.