Freddie Mac chairman Richard Syron is warning legislators not to hamstring his mortgage company at a time when the subprime market is going through a sharp correction and the need for the housing government-sponsored enterprises will only increase.Legislative proposals that impose higher capital requirements, limit retained portfolios, and restrict new products and programs will make Fannie Mae and Freddie Mac "less competitive, less profitable and less relevant," Mr. Syron told the National Association of Home Builders convention. "All of which begs the question, why overly hamper us just when you're going to need us most?" he said. Fannie chairman Daniel Mudd also spoke in harsh terms about the effort to squeeze the GSEs, telling the NAHB's executive board that he and his counterpart at Freddie ought to be able to run their businesses successfully. The GSEs should be placed under the wing of a strong regulator, Mr. Mudd said, but that should be the end of it, and the regulator should be allowed to regulate. "If it's not right," he said, "the regulator will say so." The House and Senate banking committees are expected to mark up and vote on a GSE regulatory reform bill before the end of March. Freddie Mac can be found online at http://www.freddiemac.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18