Politics

Federal Reserve Vice Chairman for Supervision Randal Quarles will be removed from his role as the main watchdog of Wall Street lenders after his title officially expires this week.

An Indiana housing nonprofit wants the Fed to take a closer look at the proposed merger. Its latest move is a lawsuit that alleges racial discrimination by the regional bank.

Lawmakers appeared supportive of Alanna McCargo's nomination at a Senate hearing Thursday. If confirmed, the former Urban Institute vice president would fill a role that has been vacant since 2017.

Common Securitization Solutions has disbanded a group of independent board members originally brought on in early 2020 to look into using the government-sponsored enterprises’ platform to serve a broader market.

The change could reduce the workout activity expected to spike around what had been final cut-off dates set for this fall.

The organizations have created the Racial Equity Accelerator for Homeownership, a two-year incubator for the development of innovations to address racial inequality in wealth and housing.

Non-depositories in the business also will have to submit annual reports and retain records for four years after they stop servicing the loan.

The Federal Housing Administration changes are effective immediately with a mandatory Dec. 31 compliance deadline, according to an information bulletin published Sept. 30.

Rohit Chopra, a liberal consumer watchdog, was approved as the agency’s director nine months after the Biden administration first announced him as the nominee.

The Federal Housing Finance Agency agreed to rework and improve procedures for regulatory communication about issues like servicing lapses in response to a recent inspector general audit.

Criticism from banking and other business groups of Saule Omarova’s candidacy could make it difficult for moderate Democrats to support President Biden's pick to lead the Office of the Comptroller of the Currency.

The proposal calls for a 20-year mortgage with Ginnie Mae and Treasury participation, but critics suggest that other measures would be more effective in bridging the gap in home equity.

The need to size up the impact of hurricanes and pollution is increasing and current measures aren’t as precise as credit or rate models, according to the Research Institute for Housing America.

Saule Omarova supports allowing the Federal Reserve to hold customer deposits and is skeptical of big-bank M&A. While those views are unpopular in the industry, banking critics hailed the choice to lead the Office of the Comptroller of the Currency.

However, the pullback in mortgage-backed securities purchases will be one of the factors in rates rising in the medium term.

Senate Majority Leader Chuck Schumer said he planned to move Tuesday to file a discharge petition to move Chopra’s nomination out of the Senate Banking Committee and onto the Senate floor.

The company will return to selling pieces of its credit exposure to private investors during the last three months of the year, but is still evaluating its strategy for 2022.

Sandra Thompson, who has been acting director of the Federal Housing Finance Agency since June, has won backing from the mortgage industry and community groups for the experience she brings to the role. The push comes as the administration is said to be considering Mike Calhoun of the Center for Responsible Lending.

Changes proposed this week stand to reverse the effect of the Trump-era rule, which disincentivized Fannie Mae and Freddie Mac from making such deals, according to critics.

The targets set by the rule pitched last month would be reduced from recent performance levels for non-minority low-income census tracts, reducing the incentive for the GSEs to purchase mortgages for families in these areas, writes a former principal economist from the Federal Housing Finance Agency.