Sen. Chuck Hagel, R-Neb., says a "bright-line" test separating primary and secondary market activities is a very important part of his GSE bill that will give the new regulator guidance in keeping Fannie Mae and Freddie Mac from encroaching on the business activities of lenders."That bright line keeps everybody honest, and it helps the regulators do their job," Sen. Hagel said at an America's Community Bankers government affairs conference. The Hagel bill (S. 190) directs the regulator to issue regulations that define the boundary between primary and secondary mortgage market activities. Fannie and Freddie, which are government-sponsored enterprises, are supposed to be secondary market agencies. The language is controversial because it appears to suggest that the GSE regulator could set limits on Fannie's and Freddie's automated underwriting systems. However, the Senate Banking Committee member declined to clarify his intent. "I do not want to get into those specifics now," he told reporters. Sen. Hagel indicated that he wants to hear Fannie and Freddie testify before the committee before making further comments about the bright-line test.
-
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.
11h ago -
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.
11h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
11h ago -
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