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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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
11h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28