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.
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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.
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The megabank's third-quarter net income rose 16% year over year, reflecting higher revenues across all five business lines.
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The $4.6 trillion-asset company's report comes after it committed to funneling $1.5 trillion into industries it said were important to national security.
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The housing agency director told Sen. Cortez Masto a Federal Home Loan Bank reform review is ongoing and took issue with Sen. Warren's inquiries about meeting transparency.
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The Office of Management and Budget issued reduction in force notices to Treasury staff working in the Community Development Financial Institution office Friday, saying that the layoffs are necessary to "implement the abolishment" of the fund.
October 10 -
The Consumer Financial Protection Bureau has announced job openings for attorney-advisors to represent the agency in defensive and appellate litigation.
October 10