A "bright line" test contained in a Senate bill on government-sponsored enterprises is drawing more opposition from housing-related associations because of concerns that it would "undermine" Fannie Mae's and Freddie Mac's automated underwriting systems."The bright line provision would undermine the state-of-the-art mortgage underwriting technology that has contributed significantly to the vibrancy, competitiveness and risk-management that are vital to the contemporary housing finance system," says a letter written jointly by six associations and sent to Senate Banking Committee leaders. The bright-line test, which is contained in a GSE bill (S.190) introduced by Sen. Chuck Hagel, R-Neb., is designed to clarify what activities are permissible under Fannie's and Freddie's government charters. The Independent Community Bankers of America, the National Alliance of Independent Mortgage Bankers, the National Association of Home Builders, the National Association of Realtors, and the National Community Reinvestment Coalition signed the letter.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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