Hensarling to Retire After Term Ends. House Financial Services Committee Chairman Jeb Hensarling, R-TX, announced that he will not run for re-election and is retiring to spend more time with his family. Some think Hensarling’s departure could speed up Congressional efforts to enact housing finance reform. However, Cowen and Company said this is ultimately negative for Fannie Mae and Freddie Mac as Hensarling now becomes the top contender to replace Mel Watt as FHFA director in January 2019. “Hensarling has previously proposed liquidating the enterprises. At the least, we would expect him to shrink the GSE share of the market,” said analyst Jaret Seiberg. MBA President to Retire. Mortgage Bankers Association President and CEO David Stevens...
Fannie Mae and Freddie Mac generated a combined $7.69 billion in net income during the third quarter of 2017, up significantly from the $4.86 billion in the second quarter, according to an Inside Mortgage Finance analysis of earnings reports released this week. Freddie’s earnings were unusually high at $4.67 billion thanks to a legal settlement with the Royal Bank of Scotland over non-agency mortgage-backed securities sold by the investment firm to the government-sponsored ...
The trade group also found that refinancings are declining as well: down to 48.7 percent of all new applications from 49.5 percent for the week ending Oct. 20.
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