The significant gains of nonbank mortgage lenders in the government-backed mortgage market suggests that nonbank failures could be quite costly to the government and taxpayers, according to a paper authored by three Federal Reserve Board economists and two university researchers.
As the Federal Housing Finance Agency continues to evaluate alternative credit scoring mechanisms, some experts argue that the agency isn’t doing enough to promote an updated scoring system while others say the current system works just fine.
The Federal Housing Finance Agency’s auditor concluded that Fannie Mae and Freddie Mac low-downpayment programs had a high compliance rate but fell somewhat short when it came to ensuring the homeowner education component was met.
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