The Bush administration's new budget relents on the issue of portfolio limits for Fannie Mae and Freddie Mac, but calls for greater "clarity" on where the primary mortgage market begins and ends.Released Feb. 5, the 2008 budget says "technological advances" have blurred the line between the primary and secondary markets, arguing that a "new level" of clarity "is required to establish permissible activities" under their charter acts "including the development of intellectual property." Up until last year, the White House had hoped to cap, or even shrink, the $1.4 trillion in on-balance-sheet holdings of the two government-sponsored enterprises. In the face of congressional -- and GSE -- opposition, the budget indicates that the White House will settle for GSE legislation that creates a "world class regulator" with the ability to "mitigate the risks" posed by their retained portfolios. The administration said it believes Fannie and Freddie pose a systemic risk to the U.S. financial system because their combined mortgage-backed securities and debt -- held by an array of financial institutions -- total $5.2 trillion, "higher than the total publicly held debt of the United States."
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
8h ago