The House Financial Services Committee is scheduled to mark up a GSE regulatory reform bill on March 28, according to Chairman Barney Frank, D-Mass., but he still hasn't finished drafting the section of the bill that creates an affordable housing fund.Rep. Frank wants the AH fund, which depends solely on Fannie Mae and Freddie Mac contributions, to funnel $500 million to the Gulf Coast states this year to rebuild affordable housing that was damaged or destroyed in the 2005 hurricanes. These funds will go to local governments with appropriate safeguards and "bypass" the Department of Housing and Urban Development, Rep. Frank told a National Low Income Housing Coalition conference in Washington. During the second year, contributions by the two government-sponsored enterprises would go directly to a newly created National Housing Trust Fund. Chairman Frank said he plans to introduce a trust fund bill this spring.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24