Financial Compromise Bill Close to Passage
The U.S. House and Senate reached agreement early Friday morning on the largest financial overhaul since the Great Depression.
The bill will particularly affect home buyers seeking mortgages, requiring lenders to ensure that a borrower is able to repay a home loan by verifying income, credit history, and employment. It also would ban payments to brokers for helping borrowers find alternative financing.
The measure sets up a consumer financial protection agency to police lending, and it adopts new rules for mortgage-backed securities, requiring banks in most cases to retain 5 percent of the credit risk on their books.
Congressional leaders hope to win full House and Senate approval next week and send the bill to President Obama by July 4.
Source: The Wall Street Journal, Victoria McGrane (06/25/2010)
New York Real Estate Access | Your Access To Every Home On The MLS!
* Instant access to all MLS listings
* Receive future email updates of new listings they day they hit the market!
* Save listings, searches, email friends, and more...
Start Searching For Homes Today!
Tayeb Realty Group | Real Estate Professionals
Search for Homes!
- March 2012 (24)
- February 2012 (12)
- January 2012 (2)
- October 2011 (1)
- July 2011 (12)
- June 2011 (8)
- April 2011 (9)
- March 2011 (6)
- February 2011 (15)
- January 2011 (28)
- December 2010 (18)
- November 2010 (18)
- October 2010 (21)
- September 2010 (21)
- August 2010 (20)
- June 2010 (32)
- May 2010 (27)
- April 2010 (50)
- March 2010 (33)
- February 2010 (41)
- January 2010 (33)
- December 2009 (39)
- November 2009 (15)
- October 2009 (4)
Error: Twitter did not respond. Please wait a few minutes and refresh this page.
- $8000 credit (TARP) 30-year mortgage rates 2009 NAR Profile of Home Buyers and Sellers adjustable rate mortgage (ARM) American housing market an energy-improvement mortgage (EIM) Appraisal Atlanta average interest rate Bank-owned properties Bank of America Corp. bank or lender Bank repossessions Basement Remodel Beacon Economics Bedroom Remodel Ben Bernanke better house better resale value beyond. Some believe VOWs could also pave the way for a comprehensive Multiple Listing Service Bloomberg News borrower borrowers borrow more Broker brokerage listings Build-to-suit commercial real estate credit credit report credit score economic recovery existing-home sales Federal Housing Administration FHA FHA loans First-time home buyers First-Time Home Buyer Tax Credit fixed-rate mortgage foreclosure Foreclosures home buyer tax credit home owners Homeownership home prices home sales Home Values housing market interest rates IRS loan mortgage mortgage applications Mortgage Bankers Association mortgage payment Mortgage Rates mortgages NAR National Association of Realtors new york real estate office space properties property values real estate real estate market real estate news real estate trends REALTORS refinancing Remodeling Short Sale tax credit Tax Incentives value of home