A government-sponsored enterprise reform bill should not be used to move the Federal Home Loan Banks into the business of securitizing mortgages, according to several banking groups that represent a majority of FHLBank members.The Mortgage Bankers Association and National Association of Home Builders are pushing a securitization amendment so the FHLBanks can compete directly with Fannie Mae and Freddie Mac in the mortgage-backed securities market. However, the American Bankers Association, Independent Community Bankers of America and America's Community Bankers are more concerned about how the FHLBanks will be treated under a new GSE regulator than about securitization powers. "We don't think this is the appropriate time to look at it," said ICBA director Ann Grochala. "It would slow down the [GSE] bill and we don't want that to occur," she added. The ABA has taken a similar position. "We didn't think this is procedurally the right time to bring this up. This is not what the legislation is about," senior counsel Joe Pigg told MortgageWire. He noted that ABA believes the current FHLBank regulator has the authority to approve a securitization program.
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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.
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 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
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.
April 25