The Senate Banking Committee on Thursday afternoon narrowly approved legislation to create a new, tougher regulator for all three housing government-sponsored enterprises.The bill, which passed the panel by a 12-9 vote, would allow a new regulator to place Fannie Mae and Freddie Mac into receivership unless Congress adopts a resolution that disapproves of the action. Receivership powers proved to be the most contentious issue during the committee mark-up. Moreover, the partisan nature of the vote means passage of a bill by the full Senate is unlikely this year. Sen. Paul Sarbanes, D-Md., warned that the receivership powers are unnecessary and would upset the housing finance markets. "We are playing with dynamite," he warned.
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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.
6h ago -
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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11