Lenders Want More Credit Information
Fair Isaac Corp., or FICO, the company behind our credit scoring system has announced that beginning next year lenders will be requiring more information than ever before from those applying for loans. A separate score that will include pay day loans, evictions and over due child support payments will be provided to mortgage lenders through [...]
Federal Reserve Targets Big Banks
Bringing to a close a three year investigation, Federal regulators are nearing a settlement with Fannie Mae and Freddie Mac. In a proposed agreement with the Securities and Exchange Commission, no monetary penalty or admission of fraud will be required of the loan giants. Regardless of any admission of guilt, the settlement would represent an [...]
The Impending Reform of Fannie Mae and Freddie Mac
According to the public listings of meetings, Treasury officials have met with executives from several leading banking institutions, including Wells Fargo, Morgan Stanley, Credit Suisse and Goldman Sachs. Executives from these banks are proposing ideas publicly through trade groups suggesting they become the new housing and finance leaders helping to bundle individual mortgages into securities [...]
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