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The group, led by Senate Banking Chairman Sen. Sherrod Brown, said nonperforming loans sold to single family housing rental businesses or private equity firms results in the displacement of homeowners.

Various affiliated companies participated in the creation of the transaction, including its publicly traded REIT, which owned a significant portion of the mortgages.

The Long Island company is closing 69% of the retail home lending offices previously operated by Flagstar Bancorp. New York Community recently acquired Flagstar for $2.6 billion.

The company reported its seventh consecutive quarter of record adjusted net revenue.

Average scores remain unchanged but signs of payment stress keep emerging, with Fannie Mae's serious delinquency rate up for the first time since August 2020.

The bank holding company is taking the business purpose lender into the corporate fold and out of its own silo, executives said.

Alanna McCargo, president of the housing agency, is fulfilling her pledge to halve the waiting time for reperforming loans.

The Federal Housing Finance Agency will be looking at the government-sponsored enterprises as a means of doing more to address renter affordability challenges.

Foreclosure prevention actions overall fell for the sixth time in seven months in October, according to the FHFA.

The breaks for some lower-income borrowers are welcomed, but the use of debt-to-income as a differentiator could complicate originations at a challenging time, lenders say.