Treasury officials are starting direct talks with Fannie Mae, Freddie Mac, and the Federal Home Loan Banks regarding the Treasury Department's process for approving the issuance of debt by the three government-sponsored enterprises.Senior level meetings are scheduled for the weeks of July 10 and July 17 with executives of Fannie, Freddie, and the Office of Finance, which issues consolidated debt obligations for the 12 FHLBanks. The meetings were first reported by the Wall Street Journal. Treasury Under Secretary Randal Quarles served notice four weeks ago that the automatic approval of GSE debt issuance is under review in light of the accounting scandals at Fannie Mae and Freddie Mac and problems with their accounting systems, risk management, and internal controls. Fannie and Freddie issue corporate debt mainly to finance their giant mortgage portfolios, which have $1.45 trillion in assets combined. The Bush administration supports legislation to reduce those portfolios. Limiting their debt issuance could effectively reduce or cap the portfolios. The FHLBanks issue debt mainly to finance loans to their member banks and thrifts.
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Social media posters are promoting how consumers can acquire properties without engaging the existing lender or servicer, observers of this activity warn.
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California Gov. Gavin Newsom signed a bill that requires HOAs to hold a minimum reserve contribution and the California Fair Lending Examination Act last week.
October 6 -
The REIT accused the wholesale leader of hiding its massive market gamble during the negotiations, which resulted in $741 million in losses.
October 6 -
The Federal Reserve is restructuring bank supervision into five regions, following state lines, and putting one regional leader in charge. It's also planning to revise regulatory thresholds so that banks will need to be bigger before tougher standards kick in.
October 6 -
The megalender's new platform, called Orbit, aims to provide its broker partners with advantages and perks that help them compete in a tough rate environment.
October 6 -
While the three largest lenders now offer VantageScore, Bank of America Securities says two agency pulls boosts consumers scores, no matter which model.
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