A sign announcing a home for sale is posted outside a home, Thursday, Feb. 1, 2024, in Kennesaw, Ga., near Atlanta.
Federal regulators are calling for states and Congress to take action to address the risks posed here, including creating an industry-funded backstop to ease turmoil caused when a mortgage company goes under. For example, if home prices crash in a future crisis, mortgage companies could simultaneously lose money and face cash crunches that would make it hard for them to make required payments to investors on behalf of struggling borrowers, FSOC said. These challenges would be exacerbated by the relatively high amounts of debt these companies have.
In response, the Mortgage Bankers Association, an industry trade group, said it supports FSOC’s goals of a “safe, stable and sustainable financial services marketplace” but described some of the recommendations as “unnecessary.” However, Patricia McCoy, a professor at Boston College Law School, cautioned that non-bank mortgage companies’ reliance on short-term loans for financing “makes them vulnerable to collapse” if borrowing rates spike or lending dries up.
Mississippi Gov. Tate Reeves has signed a new law regulating transgender people's use of bathrooms, locker rooms and dormitories in public education buildings, making Mississippi at least the 12th state to restrict transgender students from using facilities that align with their gender identity.
The Biden administration plans to impose major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China, according to a U.S. official and another person familiar with the plan.Adopted daughter in the Netherlands reunited with sister in Montreal and mother in Colombia, 40 years later
An Ontario Superior Court judge has ruled that the City of Ottawa was negligent in its enforcement of the city's taxi bylaw when it allowed Uber to begin operating in 2014, harming the city's established taxi industry.
A Barrie teen faces serious charges after an alleged altercation in a parking lot that police say sent a female to the hospital.The fate of a proposed multi-purpose field development along Barrie's waterfront hangs in the balance as the city prepares to make a crucial decision amid intense controversy.After a marathon, six-hour meeting on the Downtown Windsor Revitalization Plan, council and the mayor voted in favour of increasing taxes to support the core.
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