Politics

The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.

Banks have a lot to celebrate in the operational risk framework, but advocates warn it cuts capital too far.

The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB's workforce by 53%.

Federal Reserve Chair Jerome Powell said the central bank is cautiously monitoring consumer sentiment as tensions from the Iran war push energy prices higher, complicating efforts to bring inflation down to the Fed's target.

Two former members of the Federal Open Market Committee said in interviews that they expect the Federal Reserve to keep rates steady amid uncertainty over the ongoing war with Iran and the resulting upward pressure on inflation.

New questions about Fannie Mae and Freddie Mac's guarantee by experts who saw conservatorship start points to tensions in a stalled secondary offering.

A recent executive order encouraging changes to the Consumer Financial Protection Bureau's Ability-To-Repay and Qualified Mortgage rules are adding to a packed agenda at a time when the agency has lost a third of its staff.

Republican Sen. Josh Hawley repeated his long-standing criticism of Fair Isaac Corp. in a letter noting the detrimental impact of its prices on home buyers.

The new executive order could add lender competition for self-employed borrowers, potentially via a small loan carveout and one for portfolio products.

Federal Reserve Gov. Stephen Miran said it is too early to judge how U.S. involvement in the war with Iran will affect inflation and monetary policy.

Early industry reaction to the Federal Reserve's Basel III proposals points to potential capital relief for banks, though stakeholders say the complexity of the changes makes their overall impact unclear.

A first look at the capital plan suggests it moves the real estate finance industry closer to changes it lobbied for, but the devil may be in the details.

Federal regulators issued proposals Thursday to implement the final elements of the Basel III accords, adjust the global systemically important bank surcharge and implement standardized approaches for risk-weighted assets. The changes would reduce capital requirements for banks of all sizes affected by the rules.

Federal Reserve Chair Jerome Powell, in a post-FOMC meeting Wednesday, said he intends to stay at his post until a successor has been confirmed, adding that he will remain on the Fed board until a Justice Department investigation into him is concluded.

In an interview at ICE Mortgage Technology's annual conference, Bob Broeksmit also expressed skepticism of market dominance among just a few large lenders.

The Federal Open Market Committee is widely expected to keep interest rates steady when it concludes its regular meeting tomorrow, but rising uncertainty about inflation in the wake of the Iran war is clouding the monetary policy outlook.

Caution around the move is growing as focus has shifted to affordability, and current trading prices make near-term action unlikely, according to Wedbush.

The conflict pushed oil price futures above $100 a barrel for a short time earlier this week, which affected bond investors and the 10-year Treasury yield.

At an industry conference Tuesday, bankers said that an extended war with Iran will result in adverse economic conditions, including inflation.

Industry stakeholders say the Federal Reserve's renewed focus on reforming the discount window — the central bank's 'lender of last resort' facility — is welcome. But replacing the system with one that works better is easier said than done.