Senate Banking Committee Chairman Richard Shelby, R-Ala., says he would like to increase competition in the secondary mortgage market by allowing the Federal Home Loan Banks to issue mortgage-backed securities.However, he cautioned that it needs to be done "very carefully" and under the purview of a world-class regulator to avoid the recent problems that have cropped up at the Seattle Federal Home Loan Bank. Sen. Shelby, who is working on regulatory reform legislation involving the housing government-sponsored enterprises, made his remarks to reporters after a hearing on FHLBank issues. The Seattle FHLBank recently announced that it is exiting the mortgage purchase business because of losses on its mortgage portfolio. George Engelke Jr., chairman of the New York Federal Home Loan Bank, called the Seattle FHLBank situation "a little scary." He told the Senate Banking Committee that the interest rate problems at the Seattle FHLBank must have been going on for quite awhile before the regulator stepped in. "This bank got killed," he testified. Mr. Engelke urged the committee not to authorize a securitization program for the FHLBanks.
-
Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
6h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
7h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
7h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
9h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25