A GSE bill that cleared the Senate Banking Committee last July on an 11-9 vote would impose "onerous restrictions" on Fannie Mae's and Freddie Mac's portfolios, according to all nine Democrats on the committee.In filing their objections to the government-sponsored enterprise bill (S. 190), the Democrats stress that "strong, effective regulation" will provide for safe and sound operations regarding the GSE portfolios. The minority members said they support the Office of Federal Housing Enterprise Oversight's recent action to impose a cap on Fannie's portfolio. However, the portfolio limitations in S. 190 would reduce liquidity in the mortgage market and "cause damage to affordable housing markets" by restricting purchases and investments in mortgage revenue bonds and low-income housing tax credits, the minority report says. The Democrats also stress that strengthening Fannie's and Freddie's affordable housing goals and creating an AH fund are "a prerequisite to a successful effort on GSE reform." The Democrats filed their views in mid-June for inclusion in a committee report on S. 190. But the Senate Banking Committee has not released the report yet. A committee spokesman indicated that the report would be issued once the Senate is ready to debate and vote on S. 190.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
9h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
10h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16