Wednesday, October 30, 2024

Industry Updates

Senate Banking Committee Confirms Mel Watt To Head FHFA

By a 12-10 party line vote, the Senate Banking Committee on Thursday approved the nomination of Rep. Mel Watt, D-N.C., to head the...

Cordray Confirmed As Director Of The CFPB

After averting a showdown that risked political gridlock, the U.S. Senate on Tuesday appointed Richard Cordray to head the Consumer Financial Protection Bureau...

Sens. Johnson, Crapo Introduce Draft Bill To Improve FHA’s Finances

After reconciling their differences on the proposed legislation last week, Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee, and Sen. Mike...

MBA Keeps Pushing For Secondary Market Reforms

David Stevens, president and CEO of the Mortgage Bankers Association (MBA), is scheduled to testify before the House Financial Services Committee this Thursday,...

CFPB Finalizes Clarifications To Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) recently finalized clarifications to Truth in Lending Act and Real Estate Settlement Procedures Act (RESPA) rules. The...

House Republicans Intro Alternate Proposal To Liquidate Fannie, Freddie

A housing finance reorganization bill introduced in the House of Representatives Thursday would liquidate government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, replacing...

Fairholme Funds Sues U.S. Government Over Fannie, Freddie Profits

A day after hedge fund Perry Capital LLC filed a similar action in federal court, mutual fund Fairholme Funds Inc. on Tuesday filed...

Hedge Fund Sues U.S. Treasury Over Plans To Liquidate Fannie, Freddie

Perry Capital, one of the hedge funds that invested in shares of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, has reportedly filed...

Fed Approves New Rules Requiring Banks To Set Aside More Capital

The Federal Reserve Board on Tuesday approved new rules requiring banks to set aside more capital to help protect against losses in the...

Fannie, Freddie Have Kept 2.3 Million Americans Out Of Foreclosure

Using a mix of prevention strategies, government-sponsored enterprises Fannie Mae and Freddie Mac managed to keep more than 130,000 borrowers out of foreclosure...

FHFA Nominee Watt Gets Grilled By Senate Banking Committee

Congressman Mel Watt, D-N.C., President Obama's nominee to head the Federal Housing Finance Agency (FHFA), reportedly told members of the Senate Banking Committee...

Report: Tight Credit Is Slowing Housing Recovery

Tight credit, particularly for young people, is hindering the housing recovery, according to research published at the Joint Center For Housing Studies at...

Confirmation Hearing For FHFA Nominee Mel Watt

The Senate Banking Committee is scheduled to hold a confirmation hearing for North Carolina Congressman Mel Watt, President Obama's pick to head the...

Fed To Maintain Stimulus Until 2014

The Federal Open Market Committee (FOMC) on Wednesday issued a revised economic forecast suggesting a faster-than-expected economic recovery - however, the Fed does...

Shellpoint Gearing Up For Private-Label RMBS Issuance

In another sign that the market for non-agency mortgage bonds is starting to rebound, Shellpoint Partners LLC, the home lender headed by mortgage...

Housing Starts Rose 6.8% In May, Builder Confidence Up

Following a report from the National Association of Home Builders (NAHB) that builder confidence reached a new high in early June, the U.S....

Lawsuit: BofA Lied To Homeowners Seeking Loan Modifications

Six former Bank of America Corp. employees have reportedly testified in connection with a lawsuit filed in Massachusetts federal court alleging that the...

Sen. Elizabeth Warren Floats Two-Tiered Banking System Concept

During a hearing of the Senate committee on Banking, Housing and Urban Affairs on Thursday, Sen. Elizabeth Warren, D-Mass., reportedly floated the idea...

Reverse Mortgage Stabilization Act Aims To Stem FHA’s Losses

Legislation passed in the House of Representatives Wednesday would limit the size of initial lump sum payments that lenders offer reverse mortgage borrowers...

Fannie And Freddie Still On Shaky Ground, FHFA Says

Although government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac have returned to profitability, prompting many in the mortgage industry to question whether they...