Mortgages

Bank regulators are considering a measure that would rewrite the rules implementing the Community Reinvestment Act. They should consider taking their existing rules seriously.

It came as a surprise to many housing experts that Asian, Black and Hispanic homeownership rates all jumped last year by more than 2 percentage points, according to quarterly Census Bureau data.

The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.

Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.

The Office of the Comptroller of the Currency has approved New York Community Bancorp's proposed acquisition of Flagstar Bancorp, the companies announced Friday. The banks are extending the deal deadline to Dec. 31 as they continue to seek the green light from the Federal Reserve.

The Fed's interest rate hikes are meant to tame inflation, but the secondary impacts on housing could give the central bank a reason to pump the brakes.

The agency expects one in five borrowers to be eligible for the new pricing benefits.