The re-election of President Bush and GOP gains in the House and Senate have increased the likelihood that legislators will pass meaningful GSE reforms next year.According to industry officials, election gains by the Republicans will make it more difficult for Fannie Mae and Freddie Mac to fend off unwelcome provisions when government-sponsored enterprise reform legislation is introduced early next year. Industry lobbyist Jim Butera predicted that passage of a GSE bill is a "near certainty" next year. Mr. Butera forecast that it will be "the No. 1 bill coming out" of the House and Senate banking committees. Meanwhile, at MortgageWire's deadline, Fannie's stock was down 3%, Freddie's 2%. Industry consultant Bert Ely said the stock market is interpreting Mr. Bush's victory as a negative. Mr. Ely also predicted that the administration might "actually begin" to limit the GSEs' debt issuances.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11