The Treasury Department has dropped its insistence on tough portfolio limits on Fannie Mae and Freddie Mac in a last-ditch effort to forge a compromise and pass a GSE regulatory reform bill this year.Treasury's new position would allow the new regulator of housing government-sponsored enterprises to decide (though a public rulemaking process) how large the portfolios should be, based on safety-and-soundness concerns and avoiding system risks, according to a Wall Street Journal report that MortgageWire has confirmed with a Treasury official. "That is real movement by Treasury," said mortgage industry consultant Howard Glaser. But he said the systemic risk language could be "problematic" if it implies that the portfolios should be shrunk. If there is any chance of getting a GSE bill done this year, House and Senate banking committee leaders have to agree on the outlines of a compromise before Congress temporarily adjourns for the elections. That would allow staff and principals to draft a final bill that the Senate could pass when it returns for a lame-duck session and that the House could approve without any changes.
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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.
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