As a new era of oversight begins, Rep. Maxine Waters, D-CA, chairwoman of the House Financial Services Committee, is aiming for reform of credit reporting agencies.

Mortgage lenders continue to fund loans even as the record-long government shutdown entered its fifth week. However, the process, particularly for FHA and VA, is much slower than a few weeks ago due to lack of funding and severely reduced staff, according to industry participants.

Independent mortgage banking firms that weren’t adequately hedged at yearend are facing minor- to moderate-sized writedowns on the value of their servicing portfolios, according to interviews conducted by Inside Mortgage Finance this week.

The Treasury Department continues to work on administrative changes for Fannie Mae and Freddie Mac that can be implemented by the Federal Housing Finance Agency, but a blueprint won’t see the light of day until sometime in the spring, if then.

The IRS issued final regulations late last week providing clarity for mortgage lenders regarding a lucrative new tax deduction.