The nation's largest mortgage banker, Wells Fargo Home Loans, is complaining that Fannie Mae's and Freddie Mac's risk policies have limited the supply of affordable loans."Instead of the two government-sponsored enterprises adapting to the needs of the affordable housing market, the market has evolved by adapting to what the GSEs will buy," WFHL executive vice president Mark Oman says in a letter to Rep. Barney Frank, D-Mass. As a result, the GSEs have "stifled" innovative solutions to affordable housing, Mr. Oman says. Wells Fargo sells most of its conventional loans to Freddie Mac, and it holds $2.5 billion in affordable housing loans the GSEs won't buy. The Wells Fargo executive says he supports congressional efforts to establish a strong GSE regulator that has "sufficient authority to ensure compliance with affordable housing goals." Fannie and Freddie reported a combined profit of nearly $15 billion in 2002. "It's clear that the GSEs could still earn a robust profit and comply with their charter mandate to concentrate on affordable housing," Mr. Oman says.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25