The accounting scandal at Freddie Mac has "triggered an opportunistic onslaught" against the housing government-sponsored enterprises that "threatens the economic recovery process," according to the National Association of Home Builders.NAHB chief economist David Seiders said the recession would have been worse and the recovery weaker without the "truly heroic performance" of the housing finance system, which he said is "highly dependent" on Fannie Mae and Freddie Mac. "It's perfectly clear that the presence of the GSEs in the secondary market has lowered the cost of home mortgage credit and assured the ready availability of credit through a broad range of mortgage instruments tailored by the GSEs to the diverse needs of American households," he said. Mr. Seiders said the problems at Freddie Mac have raised legitimate questions, but that "anti-housing factions already have stretched 'regulatory reform' into the areas of mission oversight and program approval. And now we're hearing even more alarming suggestions out of the Treasury Department that would weaken or destroy the GSE status of Fannie and Freddie." One such suggestion, he said, is severing the GSEs' line of credit to the Treasury. The NAHB can be found online at http://www.nahb.com.
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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.
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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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