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The changes would boost capital requirements for large banks' residential mortgage portfolios compared to international standards. Mortgage trade groups are unhappy with the proposal.
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The American Dream of homeownership is still far out of reach for many Black Americans. In Memphis, a city where 64% of the population is Black, the homeownership rate for Black families is 44% according to the U.S. Census Bureau. For white families, it’s 74%.
The FHFA on Wednesday announced that it would rescind a controversial upfront fee for conventional borrowers with DTI levels at or above 40%.
The move cancels the fee Fannie Mae and Freddie Mac would have imposed on certain loans for which the borrower's total debt exceeded 40%.
A potential pause in the cycle by the Federal Open Market Committee is welcomed by housing industry observers, but inflation and inventory hinder activity.