A key Democrat said Thursday that he wants Armando Falcon Jr., the current regulator of Fannie Mae and Freddie Mac, to remain until his agency completes its investigation of Freddie's earnings restatement scandal.The Office of Federal Housing Enterprise Oversight's report on the scandal could be released as early as the week of Dec. 7. Speaking at a financial services conference, Sen. Paul Sarbanes, D-Md., the ranking minority member of the Senate Banking Committee, also noted that the nomination of Mark Brickell to succeed Mr. Falcon as the head of OFHEO "is complicated" by the fact that Congress is still considering major changes to revamping the government-sponsored enterprises' regulatory structure. "We have to consider what the regulatory structure is going to be for the GSEs," he said. Legislation to create a truly independent regulator for Fannie and Freddie will be a major priority of the committee in early 2004. The term of Mr. Falcon, a Democrat, expires next fall. He is one of few Clinton appointees still serving in the Bush administration.
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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.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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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 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24