Calls from offices of members of Congress seeking information regarding reform options for the government-sponsored enterprises have increased recently, according to Andrew Davidson, president of Andrew Davidson & Co., an analytics firm. Speaking this week at the SFIG Vegas conference produced by Information Management Network and the Structured Finance Industry Group, Davidson said he has received “a surprising number of calls” from congressional staff regarding GSE reform. Fannie Mae and Freddie Mac have been...
More defects and fraudulent information were found in mortgage applications in December and January, according to the First American Loan Application Defect Index. Analysts blame the increase on the dwindling share of less risky refinance transactions. January numbers show that the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 5.8 percent in January compared with December. “This month, the Loan Application Defect Index continued...
The House Financial Services Committee, as part of the congressional budget process, this week voted on its budget views and estimates for fiscal year 2018, with an eye on changing the Dodd-Frank Act, the Consumer Financial Protection Bureau, and Fannie Mae and Freddie Mac. The committee’s report is intended as guidance for the House Budget Committee as it crafts its FY2018 budget legislation but is not binding. In reference to Dodd-Frank, the HFSC Republicans’ budget document stated...
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