By a 45-23 vote, the House Financial Services Committee has approved a housing trust fund bill that could generate over $600 million in grants a year for the construction and rehabilitation of affordable housing for very-low-income families.The government-sponsored enterprises -- Fannie Mae and Freddie Mac -- and the Federal Housing Administration would provide the bulk of the trust funds. The House committee has approved separate bills that require the GSEs and the FHA to make annual contributions to the fund. The Department of Housing and Urban Development would be in charge of awarding and distributing the grants to the states, cities, and Indian reservations, which would have to put up some matching funds. The chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., estimates that the trust fund could increase the stock of affordable housing by 1.5 million units before the legislation sunsets after 10 years. "The growing shortage of affordable housing is one of the most serious social and economic problems facing our country," Rep. Frank said.
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
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Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
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Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
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The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
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Southeast impairments run 150 bps above other regions and alt-doc loans are up 200+ bps since 2025, while DSCR and full-doc improve. Time to review overlays.
October 2 -
Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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