The extra funds the Senate recently approved for the Office of Federal Housing Enterprise Oversight came with restrictions that might hamper its supervision of Fannie Mae and Freddie Mac, according to OFHEO."OFHEO is concerned about limitations on its discretion about how best to utilize the funds, and we're working with Congress to address these concerns," OFHEO spokeswoman Corinne Russell said. The Senate VA-HUD appropriation bill provides $7.5 million in additional funding for OFHEO, which the Bush administration requested to cover the costs of the agency's investigations into Fannie's and Freddie's accounting problems. However, Senate appropriators included language that earmarks 60% of OFHEO's total budget for licensed audit personnel and audit support. "The restriction serves no purpose and it could end up harming our ability to meet our regulatory responsibilities," Ms. Russell said. House and Senate appropriators are working on a final version of the VA-HUD appropriations bill.
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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