Four trade groups want the House to strike a provision from the GSE regulatory reform bill that would raise the conforming loan limit in high-cost areas and allow Fannie Mae and Freddie Mac to purchase jumbo loans.The bill would allow the two government-sponsored enterprises to purchase loans of up to $540,000 in high-cost metropolitan areas of California, Massachusetts, New York, Washington, D.C. and Florida. The conforming loan limit is currently $359,650. America's Community Bankers, Association of Financial Guaranty Insurers, Consumer Mortgage Coalition, and the Financial Services Roundtable/Housing Policy Council argue that raising the conforming loan limit would produce little benefit for higher income families since an active secondary market for jumbo loans already exists. However, it would "unnecessarily expand the systemic risks inherent to the operations of the enterprises, and would divert attention and resources from the [GSEs'] mission of servicing low- and moderate-income homebuyers," the trade groups say in the July 1 letter to House members.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
1h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
1h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
4h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25