Divided SEC adopts mortgage rule, decries lax lending
But two Republican commissioners said they could not support the rule in part because they believe its exemption for low-risk mortgages is too broad and does not sufficiently crack down on lax underwriting standards. They also said the rule perpetuates ... [...]
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US Regulators Approve Eased Mortgage Lending Rules
Soon after the housing bust, federal regulators working on repairing the mortgage market thought it was sound policy to have borrowers make sizable down payments on their new homes. On Tuesday, the regulators completed that overhaul, but they left out ... [...]
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More Banks May Start Offering a 3% Down Mortgage
Mayopoulos told the crowd gathered at the Mortgage Bankers Association conference in Las Vegas that Fannie, which along with Freddie Mac supports the bulk of the mortgage market today, is working to finalize the details of the offering and gain ... [...]
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Ben Bernanke Gave A Private Speech To High-Powered Investors In Tokyo …
This week, former US Federal Reserve chief Ben Bernanke gave his first speech in Japan, to a group of more than 100 institutional investors, covering his thoughts on deflation, global monetary policy, and job creation. Hedge fund manager John Paulson, ... [...]
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Regulators Skin Mortgage Risk Rules
Federal agencies on Tuesday began signing off on a revised banking rule that defines when banks will have to retain some risk from mortgages sold to investors. As part of this, regulators dropped the idea of requiring down payments for mortgages exempt ... [...]
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Slump in mortgage rates fails to rally home buyers
More proof that low mortgage rates are not the key to home ownership: Rates dropped to their lowest level in nearly 18 months last week, causing an 11.6 percent rise in applications, the Mortgage Bankers Association reported Wednesday. The gains ... [...]
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IT'S YOUR MONEY: Consider trade-offs before paying off your mortgage
When making the decision to pay down your mortgage, also consider the tax consequences. If you are in a higher tax bracket, you may be hit with a double whammy. If you divert funds from contributions into a 401(k), you lose the associated tax deduction ... [...]
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Sonoma County DA says county's largest mortgage fraud case out of jurisdiction
7 On Your Side: Sonoma County DA says mortgage fraud case out of jurisdiction. Sonoma County DA says mortgage fraud case out of county's jurisdiction. Despite the lengthy investigation, prosecutors could only conclude that the county's largest mortgage ... [...]
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Mortgage Lenders Bend the Rules for Some Wealthy Clients
New Penn Financial, for example, introduced in September its first nonqualified jumbo mortgage product. It allows a debt-to-income ratio (DTI) up to 55%. The DTI looks at monthly debts as a percentage of gross monthly income. Under federal rules ... [...]
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