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 head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
March 18 -
Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
March 18 -
Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
March 18 -
The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
March 18 -
The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
March 18