Senate Banking Committee chairman Chris Dodd, D-Conn., wants Fannie Mae and Freddie Mac to use a 30% capital surplus to buy subprime loans and restructure the loans to prevent foreclosures, but the GSE regulator indicated he is reluctant to lower the capital requirement. Office of Federal Housing Enterprise Oversight director James Lockhart said the two government sponsored enterprises have done a good job of purchasing refinanced subprime loans and they have enough capital to securitize those loans. The director also said the OFHEO is in discussions with the GSEs to free up the capital surplus that was imposed several years ago because of operational problems associated with their accounting and internal controls. But he told Sen. Dodd that Fannie and Freddie are facing new stresses due to raising delinquencies and loan losses. "We need to be careful about taking it off," Mr. Lockhart said. "I would be more comfortable," he added, if OHFEO had more authority to set minimum and risk-based capital requirements.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
55m ago -
Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
1h ago -
Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
5h ago -
New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
9h ago