Fannie Mae and Freddie Mac sent the Consumer Financial Protection Bureau a joint comment letter addressing the bureau’s TRID clarifying rulemaking that have to do with the government-sponsored enterprises’ Uniform Closing Dataset, supporting some provisions and opposing others. The UCD is the data standard the pair developed to support accurate disclosures on the closing disclosure and to facilitate the sharing of that information. “The GSEs believe...
Recapitalizing Fannie Mae and Freddie Mac is a good idea, according to the Congressional Budget Office, which said that it wouldn’t significantly change how the government-sponsored enterprises operate today, but it would help stabilize the mortgage market and the federal budget. In response to several legislative proposals calling for the GSEs to build capital, the CBO recently published a report studying the effects of an “illustrative policy option.” Fannie and Freddie capital will...
The Internal Revenue Service has decided to hold off on making changes to its Secure Access Program, which governs the process by which federal tax transcripts are provided to the mortgage industry, after industry trade groups objected. The changes, part of an effort by the agency to better protect taxpayer data as well as IRS systems from attacks by cybercriminals, had been scheduled to kick in at the start of this week. “To ensure a smooth transition, the IRS has decided...
The ICBA noted that community banks have invested heavily in complying with the disclosure rules, but the complexity of the requirements has made it inevitable that some will be found non-compliant.
Ginnie Mae President Ted Tozer noted that investor participation “depends, in part, on a level of confidence that investment returns can be expected to be reasonably aligned with market conditions.”
CBO’s comments were contained in a report that takes a “what if” approach to allowing Fannie and Freddie to retain as much as $5 billion of capital a year for 10 years...
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