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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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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