Items Tagged with 'Department of Housing and Urban Development'

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Fidelity Bank accused of denying mortgage loans based on race

North Carolina-based bank agrees to $1M settlement over discriminatory lending
North Carolina-based Fidelity Bank reached a $1 million settlement over allegations that the bank engaged in discriminatory lending practices. The settlement agreement stems from a complaint filed by the Fair Housing Project of North Carolina Legal Aid, which accused Fidelity Bank of denying mortgage loans based on race, which would be a violation of the Fair Housing Act.
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Freedom Mortgage to pay $113 million for FHA violations

Unusually high levels of defective mortgages
Freedom Mortgage Corporation now has more in common with Wells Fargo, Franklin American Mortgage, Walter Investment, and First Tennessee Bank than simply being mortgage lenders, as Freedom Mortgage is set to become the latest mortgage company to settle with the Department of Justice over alleged violations of the False Claims Act.
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Progressives using HUD NPL sales to disqualify Castro as Democratic VP nominee

Fighting within Democratic Party leads to attacks on HUD Secretary
The in-fighting over the Democratic Party's 2016 nominee for President suddenly placed HUD Secretary Julián Castro in the crossfire. Now, a cadre of progressive groups are targeting Castro in an attempt to disqualify him as Hillary Clinton’s potential nominee, and using HUD’s practice of selling non-performing loans to private investors as their weapon.
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Exploding population sends rents soaring in Dallas

Can housing starts close the gap?
According to a recent study by the Texas A&M Real Estate Research Center, DFW’s population could double in the next 25 years. As more people move to the area, housing supply just can’t keep up, pushing potential homebuyers into the rent market. So how bad is it?
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Residential housing starts hit 5-month high

Single-family homes demand grows
New residential construction reached its highest in five months as there is a need for single-family homes. Quoted from Marketwatch, Steve Blitz, chief economist at ITG Investment Research said housing continues to be a “bright spot” for the U.S. economy.
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First Federal Bank of Kansas City reaches $2.8 million settlement for redlining

Bank accused of excluding minority neighborhoods from lending service area
According to the Department of Housing and Urban Development, First Federal Bank of Kansas City allegedly redlined several neighborhoods where the majority of the residents are African-American, thereby limiting residential mortgage lending to persons based upon their race, which is a violation of the Fair Housing Act.
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Can new home sales end the housing inventory crisis?

Sales of unbuilt homes hover near a 10-year high
The latest new home sales report presents a more positive forecast on the future of today’s current inventory crisis. The key is in the share of new home sales not started, in other words homes purchased off a plan, which hovers near a 10-year high.
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