It's not on the table today, but the chief executive of Fannie Mae says policymakers should consider creating a single national regulatory agency to oversee the entire housing finance system. "I think we need a more unified approach to housing finance policies," Fannie Mae CEO Daniel Mudd told an American Enterprise Institute forum. He also said policymakers should consider a "Mortgage Reinvestment Act" to reward banks for making loans that help keep troubled borrowers in their homes, similar to the way banks receive Community Reinvestment Act credit for making loans in their communities. However, he criticized proposed changes to bankruptcy laws that would allow courts to "cram down" the amount of a secured mortgage, saying that tampering with the home loan contract will inevitably shrink the pool of capital available for housing finance in the future.
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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.
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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.
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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.
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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