Burdened by Old Mortgages, Banks Are Slow to Lend Now
Thousands of aspiring homeowners are being locked out of the market as Fannie Mae and Freddie Mac force banks to buy back loans made during the boom years and sold to the two firms. According to Inside Mortgage Finance, they have asked banks to repurchase $66 billion in loans made between 2006 and 2008. Banks are tightening underwriting in order to ward off such demands in the future
From "Burdened by Old Mortgages, Banks Are Slow to Lend Now"
Wall Street Journal (10/04/12) Timiraos, Nick
Mortgage Lenders Brace for CFPB Exams; Fair-Lending Is Top Concern
Mortgage lenders discussing Consumer Financial Protection Bureau exams at a recent conference expressed concern about fair lending enforcement and the agency's independent litigation authority. It has scheduled 48 exams of banks and nonbank mortgage lenders so far; and experts believe it is focusing on the quality of data reported to regulators under the Home Mortgage Disclosure Act and on mortgage discrimination, even if it is unintentional.
From "Mortgage Lenders Brace for CFPB Exams; Fair-Lending Is Top Concern"
American Banker (10/04/12) Berry, Kate
St Casimirs Mortgage Minute. . . Help in navigating the mortgage application process. Get advice from Nelson Bayne, 410-342-1404 mortgage specialist with over 35 years of experience in the Baltimore metro area.
No comments:
Post a Comment