Rep. Barney Frank, D-Mass., says there would be "a firestorm" if the Treasury Department tried to block or limit Fannie Mae and Freddie Mac from issuing debt to fund their operations.Speaking at a Federal Home Loan Bank forum, the ranking Democrat on the House Financial Services Committee acknowledged that the Treasury has several legal opinions that back its statutory authority to limit the debt issuances of the government-sponsored enterprises. But he said he doubts that the Treasury would use that authority. "I don't think that is going anywhere," he said. Speaking at the same forum, Treasury Under Secretary Brian Roseboro declined to speculate on how the Treasury might use that authority. "Our object is real GSE reform that improves safety and soundness and minimizes systemic risk," Mr. Roseboro said. If there is a GSE reform bill next year, Rep. Frank said Fannie and Freddie would have to contribute a percentage of their earnings (possibly 5%) to an affordable housing fund, which would make grants to housing developers. He also said the GSE bill should update the FHLBank affordable housing program to deal with cross-district mergers and make sure AH funds are going back into local communities.
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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.
10h ago