The Federal Housing Finance Agency today said that it will raise the maximum conforming loan limits for mortgages Fannie Mae and Freddie Mac purchase in 2017 from $417,000 to $424,000. The announcement marks the first time FHFA has increased the baseline loan limit since 2006.
In high-cost areas, such as Los Angeles, New York, San Francisco and Washington, D.C., the maximum loan limit will be $636,150. Meanwhile, limits will rise in all but 87 counties in the country.
Cyber Monday saw record holiday season spending, growing 7.3% year-over-year to $13.3 billion.
The total number of mortgage applications and originations “dropped significantly” in 2023, with both falling by roughly a third from the year before, the CFPB said.
ABA and the Consumer Bankers Association urged a New York City agency to withdraw a proposed rule to expand the procedural requirements for creditors collecting debts in their own name.
The Office of Cybersecurity and Critical Infrastructure Protection has released a consumer advisory on avoiding cyber and online scams during the holiday season, including a warning about suspicious texts or emails claiming to come from financial institutions.
What the election results might mean for Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
ABA joined associations representing bankers and credit unions in filing a lawsuit challenging the CFPB's effective cap on overdraft fees.
