House Financial Services Committee Chairman Michael Oxley, R-Ohio, is urging the new Treasury secretary to make a last-ditch effort to secure a compromise that will speed passage of GSE regulatory reform in the Senate.In a letter to Secretary Henry Paulson, the committee chairman stresses that time is quickly running out for legislative action this year and that there has been no news of progress on the Senate side. "I would urge you to continue to seek a strong compromise and Senate action," Rep. Oxley says in the Aug. 30 letter. The House passed a bill to create a new regulatory agency to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Banks last fall. "It is the strongest reform legislation that will ever pass the House, absent a conference report," Rep. Oxley said, signaling that he is willing to consider changes passed by the Senate. Congress returns Sept. 5 for a short legislative session before the lawmakers adjourn for the mid-term elections.
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The RMBS notes benefit from geographic diversity and credit enhancement.
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A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
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Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
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The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
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It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
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Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
July 2