Meanwhile, the National Association of Home Builders says it is willing to explore the idea of an independent agency to regulate Fannie Mae and Freddie Mac, according to the trade group's chief executive Jerry Howard.However, the NAHB will "fight" to make sure the Treasury Department does not get control of mission regulation and the approval of new products and activities. That authority over Fannie and Freddie should not "belong to people who are anti-housing," Mr. Howard told MortgageWire. The NAHB chief executive made his comments in reaction to statements by Treasury Assistant Secretary Wayne Abernathy that the Bush administration is not willing to compromise on its proposals to create a new regulator for the government-sponsored enterprises. "We are going to stand just as strong as Mr. Abernathy," he said. The NAHB prefers assigning safety-and-soundness regulation to the Treasury and leaving mission regulation with the Department of Housing and Urban Development. "We are going to defend the importance of a flexible housing finance system that is regulated by people who understand housing and place housing finance as a priority," Mr. Howard said.
-
The RMBS notes benefit from geographic diversity and credit enhancement.
8h ago -
A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
8h ago -
Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
10h ago -
The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
11h ago -
It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
11h ago -
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
July 2