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Congress Requests TRID Grace Period

CFPB

Representative Carolyn B. Maloney (D-New York), Andy Barr (R-Kentucky), along with 252 other House Members have wrote a letter to the Consumer Financial Protection Bureau (CFPB) requesting a grace period that would help lenders and home buyers comply with new TILA-RESPA Integrated Disclosure regulation. Congress members argue that the rule will place challenges on the entire housing industry and families that are looking to buy a home before the school year begins.

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JPMorgan Chase’s RMBS Settlement of $500 Million Approved With Pension Funds

A federal judge has approved JPMorgan Chase's $500 million settlement with four pension funds over the sale of faulty mortgage-backed securities by Wall Street investment firm Bear Stearns before the financial crisis, according to media reports. JPMorgan Chase, the nation's largest bank, acquired Bear Stearns in March 2008 at a stock-only price of $236 million, or $2 per share. In their lawsuit, the pension funds accused Bear Stearns of selling $17.6 billion worth of toxic mortgage-backed securities in the run-up to the crisis.

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FDIC-Insured Banks Earn $39.8 Billion for Q1 2015

The Federal Deposit Insurance Corporation (FDIC) reported in a recent press release that commercial banks and saving institutions insured by the corporation aggregate net income was $39.8 billion for Q1 2015, a 6.9 percent or $2.6 billion increase from the previous year.

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Financial Prospects Gain Optimism for Future, Fed Survey says

Fed

Individuals' optimism regarding future financial prospects increased substantially from 2013 to 2014, while perceptions of current financial well-being improved only modestly, according to a survey conducted by the Federal Reserve released Wednesday. The Fed's 2014 Survey of Household Economics and Decisionmaking, which was completed by about 5,800 individuals last fall to provide insight into various aspects of Americans' personal finances such as economic security, banking, credit access and usage, housing, household debt (including education and student loan debt), savings, and preparedness for retirement.

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Survey Finds that Homebuyers Want Confidence in Credit Scores

According to a recent survey from Experian Consumer Services, 95 percent of homebuyers are aware that credit scores play a significant role when purchasing a home, and those who know their credit scores feel more prepared to buy. In addition, 45 percent of future homebuyers say they put off buying a home in order to work on their credit so that they can qualify for better interest rates.

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Economy Faces Weak Q1 but Expected to Improve

According to the Mortgage Bankers Association’s Economic and Mortgage Finance commentary for May 2015 written by Joel Kan, associate VP, industry survey and forecasts at MBA, economic growth struggled its way through the first quarter.

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