The financial panel of the U.S. House of Representatives on Wednesday passed proposed legislation that will increase regulation of the mortgage industry and is intended to offer borrowers more protections. Some are alleging that it will in fact have the effect of actually raising mortgage rates and reducing the number of approved mortgages.
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Bankruptcy Mortgage Bill to Be Introduced in Senate
By: Albert Bozzo, Senior Features Editor | 29 Apr 2009 | 02:13 PM ET
Senate Majority Whip Richard J. Durbin (D-Illinois) will introduce so-called bankruptcy cramdown legislation Thursday, seeking a vote on the controversial proposal, say Congressional and industry sources.
The legislation, which has been [...]
The bottom of the housing decline is near, predicted analysts and home builders attending the National Association of Home Builders’ semiannual Construction Forecast Conference last week.
Mark Zandi, chief economist of Moody’s Economy.com, facetiously picked a date when home prices would stop falling: Dec. 15, 2009. Other observers weren’t so precise, but they did generally agree [...]
Homeownership at Lowest Level Since 2000
According to the Census Bureau, the rate of U.S. homeownership slipped in the 2009 first quarter to the lowest level since the start of the decade.
The U.S. homeownership rate dropped to 67.5 percent from 68 percent a year earlier, driven largely by a sharp decline among younger buyers as [...]
Mortgage Applications Drop to Mid-March Low
By: Reuters | 29 Apr 2009 | 07:11 AM ET
U.S. home loan applications fell last week to the lowest level since mid-March, driven by a big drop in refinancing demand even as mortgage rates clung to record lows, according to the [...]
GDP Down 6.1%, Reflecting Continuing Economic Woes
The U.S. economy contracted at a steeper-than-expected pace in the first quarter, weighed down by sharp declines in exports and business inventories, according government data on Wednesday that showed the economy was still deep in recession. Gross domestic product, which measures total goods and services output within U.S. borders, [...]
