Rep. Bob Ney, R-Ohio, chairman of the House Financial Services subcommittee on housing and community opportunity, voiced caution Tuesday about pending GSE legislation, saying that any bill must be "well thought out" and should not be damaged by "emotion."Speaking before a policy conference sponsored by the Mortgage Bankers Association, Rep. Ney said the bill has to be done the "right way" so as to avoid hurting the housing market. "The [government-sponsored enterprise] bill is not the renaming of a post office," he said. Speaking at the same meeting, Treasury Secretary John Snow repeated the Bush administration's call for limits on the portfolios of the housing GSEs, saying such caps should be left up to the regulator. Mr. Snow said that if the GSEs need liquidity "you can have liquidity by holding Treasuries. There's no risk there." Also at the meeting, Sen. John Kerry, D-Mass., predicted that a final GSE bill will carry "bright-line test" language that distinguishes between the primary and secondary mortgage markets.
-
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
3h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
4h ago -
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
5h ago -
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
5h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
7h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
May 10