Mortgages

Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.

Between 2004 and 2021, the share of originations under $150,000 has declined by 70%, forcing a growing number of consumers to seek alternative forms of financing instead of getting a mortgage, a Pew Charitable Trusts report found.

The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.

A former employee of The Change Company, which is the largest non-traditional mortgage lender in the U.S., claims in a new lawsuit that the firm mischaracterized the race, ethnicity and income of its borrowers. The company says the allegations, which relate to the representations it makes to be certified as a community development financial institution, are meritless.

We have the tools to address our housing challenges through a mix of regulatory reforms, policy changes, incentives and investment. What's needed is the will and leadership to put those tools to work.

Under guidelines proposed this month, credit unions would see changes in the quality standards for computer-generated appraisal systems, along with when and how financial institutions and consumers can request reconsiderations of value.

The markets had a muted reaction to the Federal Open Market Committee pause on raising short-term rates a week ago, Freddie Mac found.

The amount of distressed assets rose 10% in the first three months of the year, according to a new report from MSCI Real Assets.

The bank's $4.6 billion commitment is smaller in size and shorter in duration than a previous plan. It also pledged $9 billion to sustainable finance initiatives over the next three years.

Bank of America had a 55% increase in new clients in May, and the lender is planning to bulk up staffing to keep up with demand.