The chief executive officer of the nation's largest mortgage lender says new proposed federal underwriting guidelines for so-called "exotic" mortgage products would do more harm than good.Speaking at the recent Midwinter Conference in Utah, Countrywide Financial CEO and chairman Angelo Mozilo said the proposed rules -- which require, among other things, that lenders underwrite loans at their fully indexed rate -- will all but wipe out liquidity in the marketplace and cause problems up and down the housing "food chain." National Mortgage News was the only news organization at the conference, which is run by former Merrill Lynch managing director Richard Pratt. (For full details of the conference, see the March 11 issue of NMN.)
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The Housing for the 21st Century Act includes provisions covering policy, manufactured homes and rural infrastructure introduced in a prior Senate proposal.
11h ago -
Mortgage loan officer licensing saw its first rise since 2022 as Fannie Mae projects $2.4T in 2026 volume. Experts eye a market reset amid improving affordability.
February 6 -
The FHFA chief told Fox an offering could be done near term - but may not be - while a Treasury official addressed conservatorship questions at an FSOC hearing.
February 6 -
The secondary market regulator will formally publish its own rule on Feb. 6, after a comment period and without making changes to what it proposed in July.
February 6 -
Bowing to industry pressure, the Consumer Financial Protection Bureau is warning consumers with notices on its complaint portal not to file disputes about inaccurate information on credit reports, among other changes.
February 5 -
The mortgage technology unit at Intercontinental Exchange posted a profit for the third straight quarter, even as lower minimums among renewals capped growth.
February 5




