The House Financial Services Committee passed 13 bills (and scrapped a vote on one) Wednesday, including one that would stop Fannie Mae and Freddie Mac from being released by the government and another hailed as helping the underbanked in rural areas.
House Financial Services Committee Jeb Hensarling shifted tactics on housing finance reform Wednesday, acknowledging that a bill he’s pushed for years to virtually eliminate the government’s role in the mortgage market lacks the support to become law.
Testing of the common securitization platform is taking longer than expected, but the Federal Housing Finance Agency said it won't delay the 2019 launch of Fannie Mae and Freddie Mac's new single "uniform mortgage-backed security."
The financial services industry has cheered a proposed reduction in the corporate tax rate, but a lower rate could force Fannie Mae and Freddie Mac to write down assets, increasing the odds that the companies will need Treasury support.
President Trump has tapped Office of Management and Budget Director Mick Mulvaney as interim head of the CFPB. He has taken tough stances on the CFPB, its payday lending rule, housing finance reform and other issues pending before the agency.
The White House and congressional GOP leaders are eyeing a tight window between tax reform passage and the 2018 midterms to pass housing finance reform. And with key policymakers readying their exit, the effort could be the most concerted push yet.
During his time as Fed governor, chair-designate Jerome Powell has outlined his views on a host of bank regulatory matters, including the need for regulatory relief, the push for housing finance reform, blockchain and much more.
Mark Calabria, the chief economic adviser to Vice President Mike Pence, said the administration is focused for now on more pressing issues than GSE reform, including addressing housing damage from recent hurricanes.