Reps. Randy Hultgren, R-IL, and Gwen Moore, D-WI, want to restore Federal Home Loan Bank membership for captive insurance lenders that joined the system prior to the Federal Housing Finance Agency’s rulemaking that restricted membership of firms that would otherwise be ineligible. H.R. 289, the Housing Opportunity Mortgage Expansion (HOME) Act, would allow FHLBank members that were booted from the system to rejoin it, as well as the retention of those whose departure is pending, if they can demonstrate a commitment to residential mortgage activities. Most of the affected companies are real estate investment trusts. The sponsors explained...
Mortgage repurchases and indemnifications on loans sold to Fannie Mae and Freddie Mac surged higher in the first quarter of 2017, according to a new Inside The GSEs analysis of disclosure reports filed with the Securities and Exchange Commission. Sellers repurchased or indemnified the GSEs for losses on $238.6 million of home loans during the first three months of the year. That was up 15.1 percent from the fourth quarter of 2016. But it’s a drop in the bucket compared to the amount of single-family business Fannie and Freddie do. In 2015, for example, the two GSEs issued $824.76 billion of single-family mortgage-backed securities.
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