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 number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
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