Mortgage bankers made an average profit of $1,423 per loan originated during the third quarter of 2010, up from $917 per loan in the second quarter of 2010, according to the Mortgage Bankers Association (MBA)’s 3rd Quarter 2010 Performance Report released on Tuesday. The increase was driven by higher secondary marketing gains that increased from $3,455 [...]

The President’s National Commission on Fiscal Responsibility and Reform voted 11-7 in support of the groups official report on Friday.  While supported by Democrats and Republicans, it’s three votes short of the 14 vote mark required to send the report to Congress. The commission recommended scaling back the mortgage deduction which currently stands at $1 million [...]

The National Commission on Fiscal Responsibility and Reform published its final report and suggests rolling back the mortgage interest deduction as a way to lower the deficit. The commission recommends scaling back the current rule which caps the mortgage deduction at $1 million for principal and second residences, plus an additional $100,000 for home equity. [...]

The Mortgage Bankers Association is requesting the Treasury and the Department of Housing and Urban Development authorize use of the Innovation Fund for Hardest Hit Housing Markets program (Hardest Hit Fund) and the Emergency Homeowners Loan Program (EHLP) to cure tax and insurance delinquencies associated with reverse mortgages. According to a report published earlier this [...]

A proposed rule from the Federal Trade Commission to ban deceptive mortgage ads has the support of the National Reverse Mortgage Lenders Association according to a letter submitted to the agency. “NRMLA believes that it and the FTC have a shared best interest in providing consumers with accurate and non-misleading information to facilitate informed decisions,” [...]

Last week the co-chairs of the National Commission on Fiscal Responsibility and Reform — a non-partisan task force faced with coming up with creative and fair ways to reduce federal spending, reduce national debt and balance the budget — proposed scaling back the mortgage interest tax deduction among its various ideas in a 50-page proposal. [...]