Senate Banking Committee Chairman Richard Shelby, R-Ala., plans to push for a committee vote on a GSE reform bill that would grant a new regulator clear authority to reduce the size of Fannie Mae's and Freddie Mac's mortgage portfolios.Sen. Shelby explained his legislative strategy in a private meeting with committee Republicans June 23, and sources indicate that he wants to mark up a GSE bill in mid-July. Under Shelby's bill, the new regulator will be able to order the two government-sponsored enterprises to reduce the size of their giant portfolios for safety-and-soundness reasons, to reduce systemic risks, and to further mission compliance. Fannie's and Freddie's portfolios have combined assets of $1.5 trillion. There will be no hard dollar cap or limits on the portfolios, sources said. Sen. Shelby has not released a copy of his bill yet, but sources indicate that it is much tougher on portfolio limits than a GSE bill passed by the House Financial Services Committee on May 25. However, the portfolio limits are not as tough as the Bush administration and Federal Reserve Board Chairman Alan Greenspan have advocated.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28