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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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.
38m ago -
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.
53m ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
3h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
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