The Trump administration is not backing down even after a federal court blocked guidance that would have limited the operations of national housing funds.
With officials putting finishing touches on presidentially directed reports on the future of the housing finance system, the Senate Banking Committee announced a hearing to examine the issue.
Banks currently can help their CRA performance with mortgages to anyone in a distressed neighborhood, but Joseph Otting said officials crafting a reform plan are considering limiting that to lower-income borrowers.
The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which was run by Steven Mnuchin prior to him becoming Treasury secretary.
The ruling deals a blow to efforts by the Department of Housing and Urban Development to restrict nonprofit housing funds from operating on a national scale.
The chamber passed a bill that would clarify how certain loans backed by the Department of Veterans Affairs are securitized, and legislation encouraging first-time homebuyers to participate in counseling programs.
