The Department of Housing and Urban Development is launching a review of Fannie Mae's and Freddie Mac's investment portfolios to see if the GSEs' nonmortgage investments are consistent with their housing mission."[T]he Department will soon initiate a review of Freddie Mae and Freddie Mac investments and holdings, including certain equity and debt investments, with a focus on transactions classified on their financial statements as 'other assets/other liabilities'," HUD Secretary Alphonso Jackson said in a speech to a congressional caucus. The secretary complained about a lack of disclosure and transparency surrounding these investments. "Increased regulatory awareness of investment activity is of particular concern where the transactions have no transparency on a GSE financial statement," Secretary Jackson said. In the mid-1990s, Freddie came under congressional scrutiny for its investments in tobacco bonds and was pressured into selling the bonds. HUD proposed a rule to limit the nonmortgage investments of the two government-sponsored enterprises. But after several years of inaction, HUD withdrew the proposal.
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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."
July 3