"We wanted to help a larger swath of borrowers attain the American dream"
Cuts were necessary to keep its mortgage product competitive, the company said
The U.S. Senate has approved a bill that includes deductions for mortgage insurance premium interest and tax relief on forgiven mortgage debt.
A U.S. credit union regulator has filed a lawsuit claiming the banks sold $5.8 billion in securities to five corporate credit unions that later failed after the products lost value.
President Obama signed an act this week that included HUD’s new budget and delayed a program that would have saved borrowers hundreds a year.
As many experts have pointed out, mortgage credit is too tight and a new report suggests the uncertainty around servicing delinquent mortgages may be to blame.
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The failed tests include sending pre-foreclosure letters to borrowers and notifications to people seeking mortgage modifications.