Economy

Ensuring the safety and soundness of Fannie Mae, Freddie Mac and the Federal Home Loan banks is the core responsibility of the Federal Housing Finance Agency. That shouldn't change now that the president has the authority to fire the FHFA's director at will.

Sales of new U.S. homes dropped unexpectedly in June to the lowest since April 2020, showing a further weakening in demand against a backdrop of elevated prices and tight supply.

The guarantor has for the first time proposed a risk-based capital requirement for companies not subject to other federal regulation. The industry says the plan, which would impose a heavy charge for servicing portfolios, could drive lenders away from government-backed programs.

In 2011 Congress paid for payroll tax relief by raising secondary market guarantee fees for 10 years. The Mortgage Bankers Association, and others, don’t want to see that happen again.

The plan aims to cut monthly payments by roughly 25% for homeowners in government-backed mortgages who are negatively impacted by the pandemic.

Officials have pledged to maintain bond buying until the economy shows "substantial further progress" on inflation and employment as it recovers from COVID-19.

Meanwhile, the average new-home mortgage price climbed to a new all-time high, according to the Mortgage Bankers Association.

The GSE forecasts $4 trillion in production this year because refinance activity is stronger than expected.

The agency’s new chief said eliminating the “adverse market fee” — in place since December — will make it easier for families to refinance while mortgage rates are still low.

The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.