The Department of Housing and Urban Development has program approval authority over Fannie Mae and Freddie Mac but has rarely denied them any new activities, assistant housing secretary John Weicher told the Senate Banking Committee on Thursday. Mr. Weicher noted that the last time HUD turned down an application for a new GSE activity was in the early 1990s when Fannie Mae tried to launch a product "that seemed to go into the business of making advances" to seller/servicers. The granting of advances is a bread-and-butter activity of the Federal Home Loan Bank system. Mr. Weicher told policy makers that he usually hears word about a new GSE product "when I read about it in a press release." New program activity approval was an important issue in last year's debate over a GSE bill and is likely to be again as the House and Senate try to construct passable legislation. The assistant HUD secretary testified before the panel, highlighting Fannie and Freddie's inability to "lead the market" in affordable housing loans, citing figures published in the Bush Administration's 2006 budget.
-
If Experian eventually charges for VantageScore 4.0, it will be offered for at least a 50% discount compared to what Fair Isaac Corp. charges for its FICO score.
8h ago -
The San Francisco-based banking giant reported a 9% annual jump in quarterly profits. It also made official its appointment of CEO Charlie Scharf as chairman.
9h ago -
The megabank's multiyear effort to simplify its business model and improve its risk management is starting to pay off in the form of more consistent profitability and improved returns, CEO Jane Fraser told analysts.
9h ago -
Fannie Mae and Freddie Mac's credit risk-transfers and some older private-label mortgage-backed securities have exposures to the Washington DC area.
10h ago -
Lebda, who died over the weekend in an ATV accident, built one of the first online financial marketplaces in 1998.
10h ago -
Federal Reserve Chair Jerome Powell acknowledged skepticism around the central banks large-scale asset purchases during the pandemic, noting the Fed likely "should have stopped" sooner, but fell short of admitting that the purchase of MBS' contributed to housing disparities.
11h ago