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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Other studies have found fewer credit pulls could be viable, but this shows millions more would be adversely impacted than in a bi-merge.
42m ago -
Mortgage Bankers Association economist Marina Walsh said lenders could be failing to close more loans as more consumers apply with multiple originators.
11h ago -
Transunion will offer the credit scoring model for $4 in 2026, following previous moves made by VantageScore partners Experian and Equifax.
October 18 -
Flagstar shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more in this week's banking news roundup.
October 17 -
Approximately three years after the one-time non-depository bought Roscoe (Texas) State Bank, Cornerstone Capital Bancorp agreed to purchase Peoples Bancorp.
October 17 -
Regulators also accused Southern California-based E Mortgage of failing to properly supervise remote employees and cooperate with their examinations.
October 17