Will the GSEs be put into receivership if Mark Calabria becomes the new Federal Housing Finance Agency Director? Exploring the chances of reform for Fannie Mae and Freddie Mac ...
Read More »The Next Steps in Mel Watt Investigation
Accusations of sexual harassment leveled against Director Watt by an Agency employee have triggered a federal investigation and many unanswered questions.
Read More »Senators Send Letter to FHFA Director Urging for CSP Reform
According to the letter, the senators feel the CSP should have an “open architecture” that gives access to private industry and does not limit the CSP to been an appendage to GSEs. Opening the CSP will “enhance the ability for small and mid-sized lenders to access the secondary mortgage market and facilitate greater competition in this market going forward,” the letter said.
Read More »FHFA Chief Discusses GSE Profits, Other Issues with Reporters
In a meeting with reporters on Wednesday, Mel Watt, former U.S. representative and chief of the Federal Housing Finance Agency (FHFA) since December 2013, discussed a number of key issues facing the GSEs and the agency, touching on topics ranging from recently introduced low down payment programs to the often debated subject of principal reduction for struggling homeowners.
Read More »FHFA Chief Defends Low Down Payment Programs
Watt was testifying before Congress for the second time since becoming director of FHFA a year ago, this time to give an update on the government's conservatorship of Fannie Mae and Freddie Mac.
Read More »Senators Pen Letter to FHFA Chief Over FHLB Requirements
The letter, co-authored by Senators Joe Manchin (D-West Virginia) and Mark Kirk (R-Illinois), states that "(t)he proposed rule affects long-standing membership rules for the Federal Home Loan Bank system and will negatively affect new and current members in the system." Twenty-five other senators signed the letter.
Read More »FHFA Releases Strategic Plan for Years Ahead
The strategic plan outlines three goals for FHFA for the forthcoming fiscal years: ensure safe and sound regulated entities; ensure liquidity, stability, and access in housing finance; and manage the enterprises' ongoing conservatorship.
Read More »Mortgage Credit Availability Falls in October
Access to mortgage credit tightened in October, according to a report from the Mortgage Bankers Association (MBA). The group's Mortgage Credit Availability Index (MCAI), a gauge of credit access based on borrower traits and underwriting trends, fell 2.5 percent last month to a reading of 113.2.
Read More »Fannie, Freddie Name CEO for Common Securitization Company
Fannie Mae and Freddie Mac jointly announced that David M. Applegate will be the first CEO of Common Securitization Solutions (CSS), which was created by the GSEs to operate a new secondary mortgage market infrastructure, Common Securitization Platform (CSP).
Read More »Refinances Up in August; HARP Volumes Keep Falling
According to a report released this week by the Federal Housing Finance Agency (FHFA), total refinance volumes at Fannie and Freddie came to 131,075 in August, up more than 11,000 from July as mortgage rates slipped slightly to an average 4.12 percent. While overall refinancing activity increased, however, the number of refinances completed through HARP fell again to a combined 14,066—accounting for about 11 percent of total volume compared to July's 13 percent.
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