House leaders have struck a deal with the White House to increase Fannie Mae and Freddie Mac loan limits from $417,000 to a maximum of $730,000 during negotiations on a $150 billion economic stimulus package. The stimulus package, which Congress is expected to pass in a few weeks, also increases the Federal Housing Administration loan limit permanently. This increase reflects an agreement between the House and Senate banking committee chairmen to increase the FHA and GSE loan limits to 125% of median area home prices, with a $730,000 cap. The increase in the loan limit for the two government-sponsored enterprises would expire after 12 months. House Speaker Nancy Pelosi, D-Calif., negotiated the deal with Treasury Secretary Henry Paulson. But the GSE regulator said raising the loan limit is a "mistake" without passage of a comprehensive bill to strengthen regulation and oversight of Fannie and Freddie. "To restore confidence in the markets, we must ensure the GSEs' regulator has all the necessary safety-and-soundness tools," said James Lockhart, director of the Office of Federal Housing Enterprise Oversight.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
7m ago -
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27