The House Financial Services Committee is moving toward increasing the $360,000 conforming loan limit at Wednesday's mark-up of a GSE reform bill so that Fannie Mae and Freddie Mac can serve higher-priced housing markets.Committee chairman Michael Oxley, R-Ohio, has included an amendment, sponsored by Rep. Gary Miller, R-Calif., to increase the conforming limit to a maximum of $540,000, sources said. The increase in the loan limits would be based on median housing prices -- so one metropolitan statistical area could have a $400,000 limit while a nearby MSA could have a $480,000 limit. A committee spokeswoman refused to comment. "We are opposed to this provision, but overall we like the bill," said America's Community Bankers president Diane Casey-Landry. Under the amendment, Fannie and Freddie would be required to securitize the jumbo mortgages; they could not hold or invest in the loans. It is considered highly unlikely that the Miller amendment will be defeated in committee. However, opponents hope to kill it later in the legislative process.
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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.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago