Meanwhile, the elected official with chief oversight authority over Fannie Mae slammed the mortgage giant and its supporters Thursday for sticking their heads in the sand in regard to the company's accounting woes.Reacting to the Office of Federal Housing Enterprise Oversight's mandate to Fannie that it write down the value of its $8 billion manufactured housing portfolio, Rep. Richard Baker, R-La., said, "I really don't know how much longer anyone can continue credibly standing there with his finger in the dike, holding back tougher regulatory oversight of the housing GSEs." Rep. Baker, chairman of the House Financial Services subcommittee charged with overseeing government-sponsored enterprises, said, "Clearly, OFHEO's forensic audit of Fannie Mae's books needs to continue, without which we would know nothing of these problems." Legislation to create a new regulator for Fannie and Freddie appears dead for this year.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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