Rep. Richard Baker, R-La., wants to know why credit losses at Fannie Mae and Freddie Mac have declined over the past several years while the guarantee fees the two government-sponsored enterprises charge lenders have been relatively flat.The chairman of the House Financial Services GSE subcommittee has sent a letter to the Office of Federal Housing Enterprise Oversight asking the regulator to look into the issue. However, Rep. Baker's office has not released a copy of the letter despite repeated requests. At a July 13 hearing, Rep. Baker commented that Fannie's and Freddie's income from guarantee fees has "increasing dramatically," but their credit losses have declined because they are not helping "poor people." He also noted that the two GSEs have reduced their loan-loss reserves. Meanwhile, Rep. Baker plans to send a letter to the New York Stock Exchange, according to the congressman's spokesman, that raises questions about the criteria for keeping Freddie Mac's stock listed when the company is not filing regular financial statements with the Securities and Exchange Commission.
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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.
4h 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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
9h 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.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
10h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago