The House has passed a predatory-lending bill by a bipartisan vote of 291-127 that clamps down on abusive lending practices, makes securitizers responsible for loans they package, and lowers the points-and-fees trigger on the Home Ownership and Equity Protection Act to cover more high-cost subprime loans.Mortgage lenders, along with the Bush administration, oppose key provisions of the bill, contending that the lending standards are too subjective and that the assignee liability provisions (along with the HOEPA provisions) will reduce access to mortgage credit. However, Rep. Spencer Bachus, R-Ala., said the bill will "protect consumers from predatory lending practices" and preserve access to credit. "We are dealing with legislation that seeks to prevent a repetition of the events that caused one of the most serious financial crises in recent times," said House Financial Services Committee Chairman Barney Frank, D-Mass. The National Association of Mortgage Brokers succeeded in getting language in the bill (H.R. 3915) clarifying that a broker's fee can be financed into the loan. However, mortgage bankers are concerned that this language might require the disclosure of servicing-released premiums for the first time. Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., said he will introduce a predatory-lending bill soon.
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it's important to look at the process involved in shopping for closing costs, the limits to lowering them and whether do so is always advisable
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The president has signed dozens of executive orders touching a wide range of government functions, but banking policy has largely gone untouched — so far.
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Industry trends since the Great Financial Crisis have sparked rising interest in private asset-backed finance.
January 22 -
Higher mortgage rates will persist through 2026, affecting sales and refinancings. Those expectations led Fannie Mae to cut its volume outlook for the next two years.
January 22 -
Fewer consumers applied for government-backed loans last week, with average interest rates for Federal Housing Administration loans stuck in the high 6% range.
January 22 -
Cases involving accusations of redlining, kickbacks, underpaid employees and more swept across the mortgage industry in recent months.
January 22