The Treasury Department wants Fannie Mae and Freddie Mac to submit estimates of their borrowing needs for the first quarter as the department tries to exercise its authority over GSE debt issuance.The debt notification requirements have not been finalized yet, a Treasury spokeswoman said. "But the hope is to have it start at the beginning of the first quarter of 2007," she said. It seems the two government-sponsored enterprises will be expected to submit their estimates in December. And Treasury officials are promising to make a "prompt response" on the debt issuance requests. Fannie and Freddie knew something like this was coming, but they have declined to comment on the Treasury's move. "Until they officially notify us, we are not going to comment," a Freddie spokeswoman said. During the summer, Treasury Secretary Henry Paulson instructed his staff to come up with a debt approval process so that the Treasury has a practical option for limiting GSE debt. "Given Secretary Paulson's market expertise and the fact that Fannie Mae and Freddie Mac have $1.5 trillion in outstanding debt, this move to formalize the debt approval process makes sense," said House Financial Services Committee Chairman Michael Oxley, R-Ohio.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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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.
April 18 -
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.
April 18 -
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