If Senate lawmakers ever break a stalemate over legislative limits on GSE portfolios, the Office of Federal Housing Enterprise Oversight says it wants to be ready to provide last minute-advice on another contentious issue -- structuring an affordable housing fund -- if asked.OFHEO Director James Lockhart told an American Bar Association meeting that his agency has a small working group looking at how an affordable housing fund that is funded by Fannie Mae and Freddie Mac should be administered. If the two government-sponsored enterprises distribute the AH funds, some people are going to want "very tight controls" to make sure Fannie and Freddie can't use it for political purposes, he said. The OFHEO working group is also looking at whether the Federal Home Loan Banks or the Department of Housing and Urban Development should distribute the funds. Mr. Lockhart told reporters he is optimistic that Congress will pass a GSE regulatory reform bill this year. He also noted that Congress has not asked OFHEO for its recommendations regarding an affordable housing fund. "Until we are, we won't volunteer one," the director said.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
8h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
9h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16