The Bush administration expects a new GSE regulator to reduce Fannie Mae's and Freddie Mac's mortgage portfolios to a level that provides enough liquidity for the mortgage market and furthers their housing mission.Treasury Secretary John Snow told the Senate Banking Committee Thursday that such guidance to the regulator of the government-sponsored enterprises would reduce the portfolios "way down." The secretary did not suggest a hard dollar cap on the portfolios, and he indicated that the GSEs would be able to divest their mortgage assets over time. (Fannie and Freddie have mortgage portfolios totaling $1.5 trillion.) Democratic senators continued to argue that the administration's proposals would cripple Fannie Mae and Freddie Mac and increase mortgage interest rates. It is becoming clear that the portfolio issue is dividing Republicans and Democrats on the committee, making it difficult to get a bipartisan bill that the administration can support.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11