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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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18