The House Financial Services Committee is preparing to mark up a GSE regulatory reform bill on May 25, sources have told MortgageWire.There seems to be broad agreement on most of the provisions in the government-sponsored enterprise bill, sponsored by Rep. Richard Baker, R-La., which would create a new independent regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. However, the Bush administration maintains that the section giving the new regulator the authority to reduce the size of Fannie's and Freddie's mortgage portfolios is not tough enough. But it appears that the committee chairman, Rep. Michael Oxley, R-Ohio, does not want to change the language, sources said. Besides portfolio limits, the other main area of negotiation is affordable housing goals. Committee Democrats want to revamp the goals so that Fannie and Freddie have to purchase Community Reinvestment Act loans and use 5% of their profits to fund AH projects. Rep. Baker indicated several months ago that he would accept such an amendment in return for the Democrats' support for the GSE bill.
-
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.
9h ago -
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.
9h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
9h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
10h ago -
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