Even though the Office of Federal Housing Enterprise Oversight says it likes many aspects of pending GSE legislation, the agency is still refusing to comment on a final bill's main sticking point -- the ability of a regulator to shrink the massive portfolios of Fannie Mae and Freddie Mac.At a speech Tuesday before the American Land Title Association, OFHEO General Counsel Alfred Pollard said the agency is "not taking a position" on portfolio caps for the housing government-sponsored enterprises. Asked afterward by MortgageWire if he could discuss the issue, he declined. The Treasury and the White House want Fannie's and Freddie's combined portfolios reduced to as little as $200 billion from their current size of $1.4 trillion. Though Mr. Pollard would not talk about portfolio caps, he said he favors other pieces of the House and Senate bills, including taking the agency out of the appropriations process and merging it with the Federal Housing Finance Board. In November, acting OFHEO Director Stephen Blumenthal found himself in hot water with the White House after stating in a speech that Fannie and Freddie manage their massive portfolios well in regard to credit risk. His comments were interpreted by the White House as being against portfolio limits. Supporters of OFHEO said Mr. Blumenthal's comments in that speech -- made before The Bond Market Association -- were misconstrued.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago