Senate Democrats note that FHLBank Boston CEO Timothy Barrett received $3.1 million in compensation last year while the bank contributed just $2 million to its affordable housing program.
Housing finance aficionados may doubt Fannie and Freddie will ever exit conservatorship, but that doesn’t stop them from telling you what that exit would look like.
The Federal Home Loan Banks as well as credit unions argue the FHLBanks’ mission was established by Congress, so only Congress can change it. Consumer advocates, meanwhile, are happy with the Federal Housing Finance Agency’s effort to redefine the mission.
Naa Awaa Tagoe, deputy director for housing mission and goals at FHFA, waded through some of the agency’s most recent controversies at the MBA’s secondary market conference.
The Financial Stability Oversight Council last week endorsed FHFA’s years-long request for prudential regulatory authority over nonbank mortgage servicers.
FHFA and the Mortgage Bankers Association have asked legislators to exempt Fannie Mae and Freddie Mac from new laws governing the use of automated underwriting systems and other artificial intelligence tools.
The GAO’s fact-filled, even-handed review of the FHLBanks’ role in last spring’s regional banking crisis has been used to justify arguments by both critics and supporters of the banks.