The proposal calls for a 20-year mortgage with Ginnie Mae and Treasury participation, but critics suggest that other measures would be more effective in bridging the gap in home equity.

Sandra Thompson, who has been acting director of the Federal Housing Finance Agency since June, has won backing from the mortgage industry and community groups for the experience she brings to the role. The push comes as the administration is said to be considering Mike Calhoun of the Center for Responsible Lending.

The chair of the House Financial Services Committee endorsed acting Federal Housing Finance Agency Director Sandra Thompson as rumors abound that the administration is considering someone else for the job.

Almost $35 million of the total is earmarked for compliance efforts at 93 organizations.

Despite “color blind” underwriting algorithms, loan denial rates on mortgages that were not backed by the Federal Housing Administration and the VA skewed heavily toward minority groups, according to a study by The Markup.

Co-chair Susan Rice, a former United Nations Ambassador, has made racial equity a central issue to her agenda as domestic policy council chair.

This is the third major executive hire at the company amid an industry-wide push to attract more minorities to its ranks.

In late July, the Justice Department notified the Houston bank of a potential lawsuit alleging violations between 2013 and 2017, according to a securities filing. Cadence said that its prospective merger partner, BancorpSouth, supports the settlement discussions.

The pandemic made it harder for many Americans to qualify for mortgages. But it hit middle-to low-income minority borrowers harder than most.

In the midst of ongoing discussions on how to better leverage analytics and digitize the home inspection process, there are some clear actions that we can take to reduce bias in the mortgage industry, writes the executive vice president of corporate strategy at Clear Capital.