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Freddie Mac Records 3.5% Drop in May

Freddie

Freddie Mac reported the decline of its overall mortgage portfolio by an annual rate of 3.5 percent over May, signaling losses for the government-sponsored enterprise in a mortgage market the federal officials want to hand back to private investors. Issuing its monthly volume update, the GSE's origination volume for single-family refinance-loan purchases dropped to $13.3 billion over May, reflecting 58 percent of total mortgage purchases and issuances.

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Industry Insiders Respond to CFPB’s Nonbank Rule

On Thursday Consumer Financial Protection Bureau nominee Elizabeth Warren attended a virtual press conference, delineating six groups of nonbank companies that may soon fall under the agency's broad scope of authority. The agency is responsible for ensuring that both banks and nonbanks comply with consumer financial protection and fair lending laws, Warren said, reading from a prepared statement.

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Warren Opens Nonbank Rule to Commentary

Seeking to dispel controversy surrounding recent rule-making efforts, Consumer Financial Protection Bureau nominee and Treasury Department adviser Elizabeth Warren attended a virtual press conference on Thursday to invite public commentary and uphold the agency's claim to sweeping powers under the Dodd-Frank Act. Warren briefly touched on the proposed definition for so-called ├â┬ó├óÔÇÜ┬¼├àÔÇ£larger participants,├â┬ó├óÔÇÜ┬¼├é┬Ø citing nonbank mortgage companies, payday lenders, and private student lenders as subjects that would fall under the rule.

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Lawmakers, Groups Challenge QRM Rule

Members of Congress linked arms with a broad coalition of community and professional associations to call for the reversal of a key provision in the Dodd-Frank Act, which critics charge will upend recovery in the housing markets, close the door on new homebuyers, and force borrowers to shoulder higher costs. The lawmakers and industry groups showed up in force at a press conference organized by the Coalition for Sensible Housing Policy, which plans to submit a white paper to authorities as official commentary.

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Analysts Fear FHA Shutdown in U.S. Default

With total U.S. debt soaring past $14 billion in May and negotiations over a controversial ceiling raise splintering at the highest levels, analysts worry that the Federal Housing Administration may shut down if the federal government defaults on August 2 -- a crisis scenario that would wreak havoc in housing markets, tightening the credit supply and spoiling a recovery. Analysts suggest that a default by the government would unfairly and adversely impact minority homeowners.

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New Home Sales Drop

The U.S. Census Bureau and HUD released data indicating southerly drifts for sales of new homes, revealing a 2.1 percent drop beneath the April rate of 326,000, 13.5 percent above the 281,000 estimates from May 2010.

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Moody’s to Review ‘Too Big’ Banks

Spooked by speculation that the federal government may withhold bailout funds from banks deemed too big to fail in another crisis, Moody's Investors Service placed the debt ratings for three leading banking institutions under review in June, according to NASDAQ.com. The ratings agency said that the reviews will assess deposit, senior debt, and senior subordinated debt ratings. If lowered, the new ratings would downgrade the banks' reputation as financially solvent institutions, diminishing their abilities to borrow large sums and meet bottom lines.

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Tech it Out: New Appraisal Compliance Partnership Announced

Tech leaders a la mode and CoreLogic are teaming up. CoreLogic├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós ValuEdge platform will now connect with a la mode├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Mercury Network to facilitate ValuEdge's Native XML appraisal data. CoreLogic's ValuEdge software targets streamlined appraisal process compliance, and the integrated plugin with a la mode will provide CoreLogic with additional quality control elements and advanced bundling for all reports.

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