FHFA

Consumer advocates and mortgage industry officials are urging Sandra Thompson, the new acting director of the Federal Housing Finance Agency, to undo many policies that her predecessor, Mark Calabria, put in place over the past year.

The change makes it easier for borrowers exiting forbearance to get access to home retention options that might otherwise be out of reach due to skyrocketing home prices.

The Supreme Court decision cleared the way for further revisions to the agreements between the Federal Housing Finance Agency and the Treasury, which could include dismissing the January changes.

The now-interim leader of the Federal Housing Finance Agency would give the mortgage industry much-needed stability following Calabria’s calamities, writes the head of Whalen Global Advisors.

Thompson, who was most recently the deputy director of the FHFA’s Division of Housing and Mission Goals, replaces Mark Calabria, who was fired Wednesday afternoon.

President Biden removed Mark Calabria as Federal Housing Finance Agency director hours after a Supreme Court ruling made the move possible. The administration is expected to offer up a nominee who will prioritize affordable housing and racial equity in housing instead of reforming Fannie Mae and Freddie Mac.

The president will oust Federal Housing Finance Agency Director Mark Calabria, a Trump appointee, now that the high court says the chief executive can do so at will. It's "critical that the agency implement the administration’s housing policies," said a White House official.

A majority of the justices concluded that the law establishing the Federal Housing Finance Agency violated the Constitution when it said a president may only remove the agency's chief "for cause."

Evaluations for payment reduction still represent a relatively small share of home retention actions but their uptick could add incrementally to servicers’ workloads.

The Federal Housing Finance Agency said it is reviewing compensation policies for Fannie Mae and Freddie Mac and requesting feedback from the public. Some have said the $600,000 limit for executives imposed by Congress makes it hard to find talent.

The government-sponsored enterprises have been returning to normal underwriting and are buying more loans than last year, but annual limits they have in place could become a concern.

For two decades, Alfred Pollard served as the general counsel for Fannie Mae and Freddie Mac’s regulator. He had a front-row seat for the establishment of the Federal Housing Finance Agency, the government’s subsequent seizure of the mortgage giants amid mounting losses in 2008 and the more recent legal dispute over the FHFA’s authority.

While last year’s high valuations protected the wealth embedded in consumer residences, a new report suggests that they can also be an indication of rising risk.

Groups active in low-income and rural housing expressed frustration that the post-pandemic resumption of long-term goal-setting didn’t do more to raise the bar.

Fannie and Freddie's regulator says the companies must comply with the new Qualified Mortgage standard by the summer, while the Consumer Financial Protection Bureau has extended the deadline to 2022. The conflicting timetables have stoked uncertainty in the market.

The defendants face 133 felony counts that include allegedly stealing identities to commit mortgage fraud between 2014 and 2020, resulting in the theft of $15 million.

The Federal Housing Finance Agency is calling for input on how to better safeguard against potential lending risks associated with residential buildings filled with short-term rental units.

It would be available to homeowners making 80% or less of their area’s median income who weren't eligible to tap into low rates last year.

Federal Housing Finance Agency Director Mark Calabria said he wants to work with the consumer bureau on an “exit strategy” for borrowers approaching the end of their forbearance periods.

The new rules are disproportionate particularly in light of the GSEs’ recent record of profitability, the director of the Community Home Lenders Association writes.