The housing market continues to experience challenges. The Federal Home Loan Mortgage Corporation (Freddie Mac) reported that the average rate for a 30-year-fixed-rate mortgage neared 7 percent this…
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New Jersey Bank Agrees to Settlement with DOJ and HUD Over Redlining Allegations
The institution also agreed to five-year compliance training for the Fair Housing Act. New Jersey’s OceanFirst Bank filed a proposed settlement agreeing to pay $15.1 million to settle…
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Federal Reserve Board Cuts Prime Rate 50 Basis Points
The central bank was motivated by the change in the employment rate, among other factors. The Federal Reserve cut interest rates by half a point on Wednesday, an…
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Labor Department Documents Mixed Inflation Cues in August Report
The department also released employment numbers, which missed projections. In its monthly inflation report released Wednesday, the Department of Labor found that the consumer price index increased 0.2…
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Federal Reserve Informally Agrees on Interest Rate Cuts
Members point to an unexpected decrease in inflation rates. Federal Reserve members expressed the intent to lower interest rates at the upcoming meeting on September 17 and 18.…
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HUD Proposes Making Delinquent Mortgage Program Permanent
The program seeks to facilitate the sale of affordable housing back to government, organizations The Department of Housing and Urban Development (HUD) proposed a new rule to make…
Read MoreTreasury Department Allocates $100 Million to Affordable Housing
The investment is intended to address mortgage inflation caused by the housing shortage. Secretary of the Treasury Janet Yellen announced that $100 million in financing is now available…
Read MoreVA Calls on Mortgage Services to Extend Veteran Foreclosure Moratorium
Issues guidance to extend VA-guaranteed loans to December 31. The Department of Veterans Affairs (VA) issued a guidance to mortgage servicers advising them to extend the foreclosure moratorium…
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VA to Launch Program for Financially Distressed Veterans
The program will help 40,000 qualified veterans prevent foreclosure on mortgages. The Department of Veterans Affairs (VA) announced that it will launch a new last-resort financial program on…
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District Court Judge Blocks Updates to Federal Fair Lending Regulations
Rules that the president’s administration expanded the geographic loan requirements too far. District Judge Matthew Kacsmaryk ruled that President Biden’s administration went too far in its bank loan…
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