If the government pulled back some of the subsidies Fannie Mae and Freddie Mac enjoy, it would have very little impact on the housing market, a White House official said."All indications are that if the housing GSEs were to lose some of their implicit subsidy, private financial institutions would eagerly step in," said Gregory Mankiw, chairman of the President's Council of Economic Advisers. In a speech to the Conference of State Banking Supervisors, Mr. Mankiw stressed that Congress needs to enact proposals advanced by the Bush Administration to deal with risk posed by two "gigantic" secondary market agencies. He discounted claims by administration critics that the reforms would have "dire consequences" to the housing markets. "Inadequate reforms could conceivably increase systemic risk," he said. Separately, the Senate Banking Committee is looking at holding another GSE hearing this month, possibly on Nov. 13.
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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.
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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.
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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.
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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.
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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.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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