Federal Housing Finance Board Chairman Ronald Rosenfeld has warned Congress that it would be very difficult to shrink Fannie Mae's and Freddie Mac's portfolios without causing serious damage to the profitability of the government-sponsored enterprises.Mr. Rosenfeld told the Senate Banking Committee that Fannie's and Freddie's mortgage portfolios are far larger than is necessary to provide liquidity for the secondary market. However, because of their narrow charters, it would be very difficult for them to replace this source of income, he argued. "If the mortgage portfolio is substantially reduced, as some have suggested, the deterioration in profits could have serious consequences," Mr. Rosenfeld warned. Congress is considering legislative proposals to allow a new GSE regulator to limit the size of the GSE portfolios. However, Congress is not expected to set any specific caps or call for any specific dollar reductions. Concerning the Federal Home Loan Banks, Chairman Rosenfeld said he will be issuing guidance this summer that would place some form of cap on the size of the mortgage portfolios held by individual FHLBanks.
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
March 18 -
The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
March 18 -
Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
March 18 -
Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
March 18 -
The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
March 18 -
The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
March 18