Senate Banking Committee chairman Richard Shelby, R-Ala., is looking into complaints from small lenders that Fannie Mae and Freddie Mac charge them high loan guarantee-fees, while offering discounts to large lenders.At a committee hearing, Sen. Shelby said this business practice places small lenders at a disadvantage and it could be contributing to greater concentration in the industry. "A lot of people are concerned that these business practices may be pushing the mortgage and lending industry toward even more concentration," the chairman said. When asked by reporters if he believes g-fees should be the same for all lenders, Sen. Shelby said, "We will probably explore that some more." Lenders pay g-fees to Fannie and Freddie to securitize loans. The cost is passed on to borrowers.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
7h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
9h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
9h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
11h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18