In what must come as a relief for Fannie Mae, a three-judge panel of the Ninth Circuit Court of Appeals earlier this month ruled that the enterprise is not a credit reporting agency as defined by the Fair Credit Reporting Act (FCRA).
Even as the number of proposals to overhaul the nation’s housing finance system proliferates, finding an acceptable plan is become increasingly difficult. Last week, the Government Accountability Office released a report assessing 14 of the leading proposals for reforming housing finance and taking Fannie Mae and Freddie Mac out of conservatorship.
Speaking at a public forum recently, Federal Reserve Chair Jerome Powell said the Fed will continue to offload the massive $4 trillion portfolio it acquired through quantitative easing in the wake of the housing crisis.
In an about-face, the Federal Housing Finance Agency told the Fifth Circuit of the U.S. Court of Appeals that it will no longer defend the constitutionality of its single-director leadership structureunderthe Housing and Economic Recovery Act, which created the FHFA.
The supply of Freddie Mac single-family mortgage servicing rights grew at more than twice the rate of increase in Fannie Mae product during 2018, according to a new Inside the GSEs analysis and ranking. [Includes two data charts.]
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