The Senate voted 72-13 on Saturday to pass a landmark housing bill that will provide up to $300 billion in new FHA money for distressed homebuyers and create a new, tougher regulator for Fannie Mae, Freddie Mac, and the other housing GSEs. President Bush is expected to sign the bill by midweek. The House passed the bill last week. Among other things, the "Housing and Economic Recovery Act of 2008" permanently raises the Fannie/Freddie loan limit to $625,000 and bans downpayment assistance programs in regard to Federal Housing Administration loans. It also allows for the Treasury Department to invest in Fannie/Freddie securities, if need be. "For Americans out there today with distressed mortgages and worried about their economic future, we hope this legislation could be the first piece of good news in a long time," Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., told reporters over the weekend.
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A federal judge rejected defenses by a brokerage that acknowledged selling loans to both United Wholesale Mortgage and rival Rocket Pro TPO.
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Onity Group's Jack Cavanagh describes how data science has changed processes in the mortgage industry and what type of misconceptions still exist about AI.
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New research from the Federal Reserve Banks of New York and San Francisco says markets put the odds of zero interest rates lower today than in the recent past, but economic uncertainty raises the potential for drastic cuts in the "medium to long term."
July 7 -
While more consumers expect purchase conditions to improve, potential job loss weighs on the mind of a growing number of likely homebuyers, Fannie Mae found.
July 7 -
Deadly flash flooding in Texas serves as a reminder of the tactics scammers and fraudsters use against both victims and charitable onlookers.
July 7 -
Following deadly flash floods in Texas, the Office of the Comptroller of the Currency allowed national banks to close branches for safety.
July 7