Hensarling questions Watt on Fannie, Freddie payments to affordable housing funds

Rep. Jeb Hensarling (R-Texas) is seeking answers from Federal Housing Finance Agency (FHFA) Director Mel Watt regarding his decision to continue Fannie Mae and Freddie Mac’s payments to the Housing Trust Fund and Capital Magnet Fund despite the GSEs latest infusion of taxpayer funds. Hensarling is chairman of the House Financial Services Committee. The funds, …

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NAMB seeks to ban trigger leads

The National Association of Mortgage Brokers (NAMB), an association that represents the interests of individual mortgage loan originators and small to mid-size mortgage businesses, has announced that it is seeking to ban trigger leads. Mortgage trigger leads are created and sold by the national credit bureaus. These leads are composed of names, contact information and …

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More legal trouble ahead for Countrywide

It looks like there’s more legal trouble ahead from Bank of America’s Countrywide unit. A class-action lawsuit has been filed against Countrywide Financial Corp., Bank of America, and LandSafe Appraisal Services. The suit accuses Countrywide and LandSafe of conducting fraudulent appraisals to boost the number of loans originated by Countrywide. The lawsuit claims that in …

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For People of Color, Banks Are Shutting the Door to Homeownership

Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts. This modern-day redlining persisted in 61 metro areas even when controlling for applicants’ income, loan amount and neighborhood, according to a mountain …

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