Government

Through enforcement efforts to address redlining nationwide, the U.S. Justice Department reports it has collected millions in relief for communities of color nationwide that may have experienced discrimination during their homebuying process.

Building on feedback from stakeholders and research, three federal agencies have issued updates to the 50-plus-year-old Community Reinvestment Act to strengthen and modernize its regulations to better achieve the purposes of the law.

The OCC, FDIC, and Federal Reserve have outlined a framework for the safe and sound management of exposure to climate-related financial risks for large financial institutions. Here’s what that means for the industry.

Ted Tozer, former President of Ginnie Mae, has issued a paper via The Urban Institute detailing how Ginnie Mae could be utilized to support the nation’s housing system through the financing of independent mortgage banks. Click through to read Tozer’s entire proposal.

In a letter to the FHFA, a coalition of eight U.S. Senators are asking the Agency to implement reforms to credit scoring models that could impact access to creditworthy borrowers. Click through to read arguments from both sides of the issue.

In an effort to reduce the size of its retained mortgage portfolio, Freddie Mac has sold 88 non-performing residential first-lien loans as part of the GSE’s Extended Timeline Pool Offering.

The Department is bolstering its program to promote digital inclusion for American families, which builds on its ongoing work with the FCC to ensure all HUD-assisted families enroll in the Affordable Connectivity Program. Read on to find out why HUD is, for the first time since 2020, accepting new communities into the initiative.

The newly introduced VA Home Loan Awareness Act of 2023 is designed to “make the dream of homeownership a reality for more military families.” Click through to learn what changes this Act would implement.

HUD Secretary Marcia L. Fudge said, “The Green and Resilient Retrofit Program continues to improve our nation’s climate resilience by making sure low-income families and individuals have access to affordable housing that is strong, healthy, and energy efficient.” Click through to learn more.

Customers will be delighted to know that the CFPB has their back and is helping large banks stop charging junk fees for basic customer service.