The Senate Banking Committee has approved a GSE regulatory reform bill by an 11-9 party-line vote that would direct a new regulator to reduce the size of Fannie Mae's and Freddie Mac's mortgage portfolios.The combined portfolios currently contain $1.5 trillion in mortgage assets. Democrats argued that the bill would require the two government-sponsored enterprises to reduce their mortgage holdings by $600 billion to $760 billion, which they said would impair the GSEs' ability to support the housing market. Committee Chairman Richard Shelby, R-Ala., stressed that he believes the new GSE regulator needs "clear direction" to reduce the portfolios in order to refocus the GSEs on their housing mission and decrease the potential for systemic risk. Despite the divide, Democrats and Republicans said they still hope a consensus can be reached. Sen. Christopher Dodd, D-Conn., declared that everyone wants a GSE bill and said work should continue in order to resolve the differences. "We are close to finding common ground here," said Sen. Jon Corzine, D-N.J.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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