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.
-
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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
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.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11