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.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3