The Office of Federal Housing Enterprise Oversight is continuing to press Freddie Mac to limit the growth of its $723.8 billion portfolio, but director James Lockhart says he is negotiating from a "relatively weak" position because of his agency's limited powers.Freddie cannot produce audited accounts and still has risk management and internal controls problems, the OFHEO director told reporters June 15 after testifying before the Senate Banking Committee. "To be growing a portfolio is a questionable practice from a safety-and-soundness standpoint," Mr. Lockhart said. Mr. Lockhart told the committee that a House-passed GSE regulatory reform bill and the GSE bill pending in the Senate would strengthen OFHEO's powers to supervise Fannie and Freddie. However, the Senate bill provides "better guidance" on regulating the size of the GSE portfolios, and that would be "helpful," Mr. Lockhart said. OFHEO sent its 2005 annual report to Congress on June 15, highlighting the fact that Freddie increased the size of its portfolio by 9% last year. "Despite having accounting, control and systems problems similar to Fannie Mae, Freddie Mac grew its retained portfolio in 2005 and at a more rapid pace than the previous year," the OFHEO report says. OFHEO imposed a cap on Fannie Mae's $730 billion portfolio as part of a May 23 consent agreement.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25