A working paper released by the National Association of Realtors at a conference in Washington, DC, this month makes a persuasive case that Fannie Mae and Freddie Mac should be restructured as strictly regulated, shareholder-owned utilities. Perhaps more important, the paper establishes an effective format for evaluating other proposals for GSE reform.
Despite a slow fourth quarter, 2018 turned out to be the most profitable year since 2013 for Fannie Mae and Freddie Mac. And, although only a fraction of the size of the GSEs’ single-family business, multifamily remained a bright spot. [Includes one data chart.]
Mel Watt violated ethics rules as director of the Federal Housing Finance Agency by attempting to “coerce” a senior manager into a relationship by suggesting he could help her in getting an executive post, according to a just-released report from the agency’s inspector general.
In his testimony before the Senate Committee on Banking, Housing, and Urban Affairs last week, Mark Calabria, President Trump’s nominee to head the Federal Housing Finance Agency, reinforced expectations that, as director, he would begin the long-awaited recapitalization of Fannie Mae and Freddie Mac.
The U.S. District Court for the Northern District of California has approved a class-action settlement between borrowers and a large bank to resolve allegations of illegal and unfair collection of post-payment interest on FHA-insured mortgages.
Ginnie Mae approved far fewer issuers last year than in 2017, according to agency data. Only eight out of 28 applicants were approved to participate in its mortgage-backed securities program, as against 22 issuers in the previous year.
Home Equity Conversion Mortgage originations declined in December-January due in part to the recent government shutdown and an overall slowdown in HECM activity, according to an analysis by Situs, Inc.
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