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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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11