House Financial Services Committee chairman Barney Frank, D-Mass., has scheduled a Sept. 5 hearing on the crisis in the mortgage and credit markets and the implications for consumers and the economy.Top Treasury Department and Federal Reserve Board officials are scheduled to testify first. Mortgage banking industry and other market participants will testify on a second panel. The committee did not release a witness list in announcing the hearing.
There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.
Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.
Fannie Mae's conservator is supporting the government-sponsored enterprise's test within certain boundaries, according to a recent social media post.
The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic."
The bureau said the move is intended to remove potentially confusing language with an upcoming revision to the Equal Credit Opportunity Act.
