House Republican leaders have agreed to schedule a vote on a GSE regulatory reform bill in the last week of October, industry sources have told Mortgage Wire.Opposition by conservative Republicans to a GSE affordable housing fund has bottled up the legislation for four months. The House Financial Services Committee passed its government-sponsored enterprise reform bill by a 65-5 vote in late May. The AH fund is still in the bill, but with a five-year sunset provision. During the first two years, Fannie Mae and Freddie Mac would contribute 3.5% of their profits toward rebuilding affordable housing in the Gulf Coast states hit by hurricanes Katrina and Rita. A board appointed by the new GSE regulator would award the AH grants. The final provision contains additional restrictions on housing groups using funds for lobbying and political advocacy, a move designed to appease conservatives. Overall, the bill (H.R. 1461) will strengthen regulatory oversight of Fannie, Freddie, and the Federal Home Loan Banks. The Bush administration has said the House bill is not tough enough in reducing the investment portfolios of the GSEs. But House passage of GSE legislation would increase the chances that the Senate would vote on its bill (S.190), which the administration prefers.
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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.
April 25 -
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.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
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