The Office of Federal Housing Enterprise Oversight is sending its conservatorship regulation for Fannie Mae and Freddie Mac over to the Office of Management and Budget.OFHEO Director James Lockhart told MortgageWire that "[w]e've never had a regulation on the conservatorship process," adding that "this will spell out what our powers are for what we can and can't do." Before the regulation can move forward, the OMB has to approve it, which can take months. In a Thursday speech at the American Enterprise Institute, Mr. Lockhart once again advocated the passage of bank-like regulatory powers that would put OFHEO on par with the Federal Deposit Insurance Corp. and other agencies. Unlike the FDIC, OFHEO cannot file civil lawsuits against the companies/executives it regulates (Fannie and Freddie) and must instead ask the Justice Department to litigate on its behalf.
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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