The Office of Federal Housing Enterprise Oversight has placed the expansion of Fannie Mae's acquisition, development, and construction lending program on hold, the company's chief executive has told MortgageWire.Fannie president and CEO Daniel Mudd said OFHEO raised concerns about the adequacy of the ADC program's controls and processes, and he agreed to make improvements. Once OFHEO is satisfied that Fannie Mae has "the right routines and controls in place, we will expand the ADC program," Mr. Mudd said in an interview. At a homebuilders' conference in January, Mr. Mudd announced plans to expand the ADC pilot program and purchase $10 billion in ADC loans over 10 years. Mr. Mudd characterized his company's relationship with OFHEO as "positive" and "challenging" during the interview. "I would put them in the tough-but-fair category," he said.
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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.
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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.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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