The Senate has confirmed David Stevens to be the new Federal Housing Administration commissioner and he is expected to begin work at the mortgage insurance agency on Monday. Mr. Stevens' nomination has been help up for several months due to alleged Real Estate Settlement Procedures Act violations by his former employer Long & Foster — a mid-Atlantic real estate brokerage firm. The RESPA complaints did not name Mr. Stevens and HUD secretary Shaun Donovan continued to support Mr. Stevens, claiming his executive experience at Freddie Mac and Wells Fargo Home Loan is needed at FHA. Meanwhile, FHA commissioner Brian Montgomery finally stepped down on July 3 after it was clear the Mr. Stevens would be confirmed. Mr. Montgomery was appointed to the FHA post by former President Bush and he was asked to stay by the Obama administrations until his successor is confirmed. "I was pleased to be able to serve the Obama Administration as a holdover, which is exactly what Secretary Donovan did back in 2001 in the early months of the Bush Administration," Mr. Montgomery said in a farewell note. "Having worked for Secretary Donovan for the past 5 ½ months, I want to tell you that he is a man of great vision and commitment to the causes that HUD champions," Mr. Montgomery said.
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Lumber retains protections for now, but construction stocks still fell, and while the initial market reaction lowered rates, there could later be a reversal.
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While prices are still rising, an increase in reductions from listing suggests sellers are adjusting to the new reality for home buying this season.
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Homebuyers would be able to take advantage of streamlined finance options, folding energy infrastructure costs with their mortgages, the companies said.
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The bank said it will appeal the judge's ruling, which it suggested would have a chilling effect on lenders participating in such government programs.
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Jonathan Gould, President Donald Trump's pick to lead the Office of the Comptroller of the Currency, passed through the Senate Banking Committee on a party-line 13 to 11 vote.
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United Wholesale Mortgage led its industry peers in total origination volume, though Rocket Mortgage and Crosscountry weren't that far behind.
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