The chairman of the GSE subcommittee said that in more closely regulating Fannie Mae and Freddie Mac he is not inclined to limit their debt issuance, a move that has been suggested by Federal Reserve chairman Alan Greenspan.At a Congressional hearing Wednesday morning Rep. Richard Baker (R-La.) noted, however, that when it comes to debt issuance a GSE regulator should have, "the responsibility to make those judgments or recommendations to Congress." Rep. Baker said he likely will introduce his GSE regulatory bill by the end of March. His bill will include the stipulation that any new regulator have full receivership powers and the authority to review new GSE products before they are introduced to the market place. He also wants to impose full SEC registration on Fannie Mae and Freddie Mac. He wants the regulator to have the ability to review executive compensation and severance packages. He told reporters that he wants to consult with the Bush Administration before introducing his bill, adding that he thinks the House and Senate will conference on a final GSE bill by year-end.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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