Federal Reserve Board Chairman Alan Greenspan on Wednesday shot down GSE regulatory reform legislation passed by the House Financial Services Committee, saying it does not address his concerns about the systemic risk posed by Fannie Mae and Freddie Mac.In response to a question asked by Rep. Ed Royce, R-Calif., Mr. Greenspan said he preferred that Congress pass no government-sponsored enterprise reform bill rather than the one it has already passed, H.R. 1461 (the Federal Housing Finance Reform Act of 2005). The bill, which has yet to be taken up by the House, authorizes a new regulator to review Fannie's and Freddie's assets and liabilities, but stops short of capping their combined on-balance-sheet portfolios, which currently total $1.5 trillion. Mr. Greenspan favors reducing the on-balance-sheet holdings of the GSEs to just $200 billion. The Fed chairman made his remarks during testimony before the Financial Services Committee. Rep. Royce also opposes H.R. 1461.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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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 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24