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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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
5h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
9h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24