The Federal Housing Finance Board does not have the legal authority to repeal the Federal Home Loan Banks' long-recognized exemption from Securities and Exchange Commission registration, according to a legal opinion obtained by America's Community Bankers. The opinion by the law firm, based in Washington, casts doubt on the legality of the Finance Board's proposal that would mandate the registration of FHLBank stock with the SEC. It also challenges a legal opinion by FHFB's general counsel, claiming it is "demonstrably erroneous." The Finance Board's opinion "ignores a long line of decisions by the Supreme Court and lower federal courts, which establish that the Finance Board cannot, without an explicit grant of authority, overturn Congress' decision that securities issued by the FHLBanks are exempt from SEC registration," the opinion noted. ACB sent copies of the opinion to the five members of the Finance Board.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
36m ago -
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17