Republican presidential nominee Donald Trump has announced his list of economic advisers, which is laden with financial industry executives and real estate industry executives. During his presidential campaign, Trump has said very little about housing. That may change, however, now that Trump has several economic advisers with real estate backgrounds on his team.
Brian Montgomery, vice chair of the Collingwood Group and former FHA Commissioner, said, quote, Relative to housing, I hope this impressive group of economic advisers highlight for Mr. Trump the tight credit market and its negative impact on the ability of middle class families to buy a home in particular minority homebuyers. Close quote
The federal government has asked a three-judge panel on the 2nd U.S. Circuit Court of Appeals in New York to grant a new trial in the case against Bank of America for the Hustle program. In late May, a federal appeals court overturned a 1 point 27 billion dollar penalty and a jury verdict against Bank of America which found the bank liable for selling toxic mortgage-backed securities to the GSEs through Countrywide’s High Speed Swim Lane, or Hustle, program.