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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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
3h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
3h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
3h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
6h ago -
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.
April 25 -
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.
April 25