Sen. Wayne Allard, R-Colo., is working on a legislative proposal to increase competition in the secondary market dominated by Fannie Mae and Freddie Mac with an eye toward attaching it to a bill Congress is working on to strengthen regulation of the government-sponsored enterprises."The senator is listening to all the positive proposals we are getting and trying to decide which is the wisest course," spokeswoman Angela de Rocha told MortgageWire. Several years ago, Sen. Allard sponsored a bill that would allow Ginnie Mae to guarantee securitizations of conventional loans. Currently Ginnie Mae only guarantees government-backed loans, such as loans insured by the Federal Housing Administration. Ginnie does not compete in the conventional market with Fannie and Freddie. This year, the Mortgage Bankers Association and the National Association of Home Builders are pushing a proposal that would allow the Federal Home Loan Banks to issue and guarantee mortgage-backed securities. Sen. Allard, who chairs the housing subcommittee, hasn't endorsed any proposal yet. "They are at the very beginning of the process," Ms. de Rocha said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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