One of Fannie Mae's staunchest allies, the National Association of Home Builders, is re-evaluating its relationship with the government-sponsored enterprise as a result of the accounting problems exposed by the Office of Federal Housing Enterprise Oversight."I am shocked and appalled that this has happened," NAHB chief executive Jerry Howard told MortgageWire. The NAHB's board of directors is meeting in Columbus, Ohio, this week, and they will be re-evaluating the trade group's position on Fannie Mae and Freddie Mac. The trade group has an obligation to defend the housing finance system, Mr. Howard said, but not necessarily the status quo. "The housing finance system is bigger than any single component," he added. Meanwhile, the NAHB has stopped all lobbying on behalf of the GSEs, including efforts to get the Department of Housing and Urban Development to compromise on its proposal to raise the GSEs' affordable housing goals. "Everything has been put on hold" until the directors have a chance to re-evaluate everything, Mr. Howard said. "That order came from me, specifically," he said.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18