Housing-finance reform legislation in Congress will likely include a government guarantee for mortgage securities backed by conventional home loans after a concession this week by Rep. Jeb Hensarling, R-TX. The chairman of the House Financial Services Committee has long pushed to wind down Fannie Mae and Freddie Mac, removing the government guarantee associated with the government-sponsored enterprises. “I continue to believe that a government guarantee in ...
Congress on Thursday passed a stopgap-spending bill to prevent a potential government shutdown and to give lawmakers time to negotiate crucial issues. The House voted 235-193 to pass the measure. A short time later, the Senate quickly approved it 81-14. The temporary spending bill will keep the government running through Dec. 22. The continuing resolution or CR, that has kept the government open would have expired on Dec. 8. Both the House and Senate are scheduled to adjourn on Dec. 15. Congress will need to pass a final appropriations bill or another continuing resolution to keep the government operating after Dec. 22. Despite differences over tax reform, FY 2018 budget, immigration, health care and other issues, lawmakers do not want a shutdown, mortgage industry sources said. Republicans, in particular, hope to enact their $1.5 trillion tax package by Christmas. On the other hand, ...
The Mortgage Bankers Association has raised concerns that new technology projects at Fannie Mae and Freddie Mac could infringe on the primary market – taboo territory for the two government-sponsored enterprises.
Servicing income rose 1.5 percent during the third quarter, although five of the 12 companies reported declines and one of them – PHH Mortgage – posted a loss.
The FHFA said it’s working with Fannie and Freddie to “develop processes to identify and align those enterprise programs, policies, and practices that could materially affect prepayments.”
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