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For the first time in decades, mortgage lenders can now choose between FICO and VantageScore 4.0 when evaluating borrowers for Fannie Mae and Freddie Mac loans, ending FICO’s monopoly but creating new operational challenges and pricing uncertainties.
After years of relentless premium increases, Florida homeowners are seeing insurance rates drop in 51 counties this year, with Citizens cutting rates 8.8% statewide—the largest decrease in 24 years.
The FDIC and OCC unveiled a plan Friday to overhaul the Community Reinvestment Act, excluding the Federal Reserve and tightening rules on how banks earn credit for affordable housing investments—changes advocates warn could slash funding to underserved communities.
The Federal Reserve kept its key rate at 3.5%-3.75% yesterday, but three policymakers broke ranks to demand a hike—the most dissent in nearly a decade. Mortgage rates remain elevated as inflation concerns linger.
The S&P Case-Shiller Index shows U.S. home prices up just 1.1% year-over-year in May, but with inflation at 4.2%, homeowners lost purchasing power for the 12th consecutive month.
Mortgage rates delivered conflicting signals to borrowers this week, with different lenders reporting opposite movements as the Federal Reserve prepares to meet on rate policy.
Markets now see a one-in-three chance the Federal Reserve will raise rates this week as oil prices surge and Chair Warsh signals unwavering commitment to controlling inflation.
Texas Lt. Gov. Dan Patrick is pushing to lower the age for senior property tax breaks from 65 to 55, a proposal that could freeze school taxes for 3.3 million more homeowners and save them thousands over a decade.
The Fraternal Order of Police became the latest public safety group to oppose Amendment 3, citing concerns that the $11.8 billion annual revenue loss could jeopardize funding for law enforcement and emergency services.
Sussex County pulled two residential development hearings and paused all major subdivision approvals this week after a new state law eliminated public hearings for certain housing projects.