Mortgage Industry Fights Back on Regulations

The mortgage industry has recently faced tighter regulations because of its instrumental role in the housing crisis. In response, the industry has begun to fight back, arguing that at a time of tight credit, more stringent rules could create more paperwork, lawsuits, and thus more costly mortgages. While proposals are still in the works, the Fed expects to reach its final rules and any new mortgage regulations by this summer.

For details on this story, please visit:
http://www.nytimes.com/2008/04/28/business/28mortgage.html?th&emc=th

Housing Bill Meets Resistance in the White House

According to HUD Deputy Secretary Roy A. Bernardi, President Bush will most likely veto a bill that would support the rehabilitation of foreclosed properties. The Bush administration views this housing rescue package as a bailout that would place taxpayers at increased and excessive risk. In fact, the White House regards the $15 billion fund as a possible lead-in to even more foreclosures.

To read the complete story, please visit: http://money.cnn.com/2008/04/24/news/economy/Congress_Housing.ap/index.htm?section=money_realestate

Foreclosure Hit 1 out of 194 Homes

This year, over 155,000 families have lost their homes to foreclosures and within the first three months of 2008 the number of new filings for foreclosure reached a high of 112%. According to CNN, the states that have been the most greatly affected are in the Southwest, with Nevada, California, and Arizona at the top of the list for foreclosure filings. The outlook is not much more hopeful, with an expected spike again in the last third or fourth quarter of this year.

For details on this story, please visit:
http://money.cnn.com/2008/04/29/real_estate/foreclosures_still_rising/index.htm?section=money_realestate