House Financial Services Committee Chairman Barney Frank, D-Mass., has introduced legislation that fleshes out the details of how his affordable housing trust fund would distribute $800 million to $1 billion in grants annually.Rep. Frank said he plans to finance the trust fund with mandated contributions by Fannie Mae and Freddie Mac, savings from Federal Housing Administration reforms, revenues from the Expanding Americans' Home Ownership Act, and possibly other sources. (The House has already passed government-sponsored enterprise reform legislation that would require Fannie and Freddie to contribute $600 million, and the committee has approved an FHA bill expected to generate nearly $500 million in new revenues, mainly by expanding the FHA reverse mortgage program.) The fund would provide grants for the construction and rehabilitation of affordable housing for low-income families, with 60% allocated to local communities and the remainder to states, insular areas, and American Indian tribes. The Department of Housing and Urban Development would be required to develop an allocation formula based on factors such as population, housing affordability, percentage of very and extremely low-income families, and cost of construction. Rep. Frank said he plans to hold hearings on the trust fund bill on July 12.
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
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Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
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Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
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The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
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Southeast impairments run 150 bps above other regions and alt-doc loans are up 200+ bps since 2025, while DSCR and full-doc improve. Time to review overlays.
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Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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