The General Accounting Office is recommending that Congress consider a single "hybrid" regulator to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, but it is expressing no view on whether the new regulator should be under the Treasury Department or a stand-alone regulatory agency.GAO Comptroller General David Walker refused to take sides on the question of the regulator's independence when he testified Tuesday before the Senate Banking Committee. The Bush administration wants the new regulator of the housing government-sponsored enterprises to be under the Treasury, but Senate Banking Committee Chairman Richard Shelby, R-Ala., maintains that the new GSE regulator should be a stand-alone agency. The GAO's proposed hybrid regulator would be run by an executive director with the oversight of an advisory committee, which could include secretaries of the Treasury and of housing, and possibly the chairman of the Federal Reserve Board. This advisory committee could also include independent representatives from Wall Street, the housing industry, and the general public.
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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.
6h ago -
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.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago