Fannie Mae and Freddie Mac would make annual contributions to an affordable housing fund based on their outstanding book of business, rather than their profits, according to a GSE regulatory bill introduced by House Financial Services Committee chairman Barney Frank, D-Mass.Rep. Frank chose this approach to address objections raised by the Bush Administration, but it also has the Mortgage Bankers Association's support. "This approach will make it more difficult for the GSEs to pass the costs of their contributions onto mortgage lenders and consumers," MBA chairman John Robbins told members of the committee at a March 12 hearing. Under the bill, the two government-sponsored enterprises would be assessed an 1.2 basis point fee on their outstanding mortgage portfolios, as well as Fannie- and Freddie-issued mortgage-backed securities that are owned by other investors. Originally, the GSE AH fund assessment was based on profits, but administration officials objected, claiming it would encourage the GSEs to grow their portfolios and it looked too much like a "tax." The new GSE regulator would be responsible for managing the AH fund and distributing the grants under the Frank bill, not Fannie or Freddie.
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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 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25