James Lockhart, director of the Office of Federal Housing Enterprise Oversight, says he is "satisfied" with a congressional proposal to regulate Fannie Mae's and Freddie Mac's giant portfolios, even though Treasury Department officials have not endorsed it.The proposal worked out between Treasury officials and Rep. Barney Frank, D-Mass., in December would allow a new supervisor of the housing government-sponsored enterprises to regulate the size and growth of the portfolios. "I am satisfied with the language," Mr. Lockhart said, adding that it accomplishes "what needs to be done in relation to the portfolios." Mr. Lockhart also told reporters that OFHEO is studying a proposal in a House GSE bill that raises the $417,000 conforming loan limit so Fannie and Freddie can purchase mortgages in high-cost housing markets. Critics contend that the House proposal is too broad and would cover whole states, not just high-cost areas. So OFHEO researchers are testing various criteria for raising the loan limit. One test showed that only 10 to 11 metropolitan statistical areas would be affected, primarily in California and the suburbs around New York.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
11h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24