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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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17