Republican Senators Threaten to Undo any CFPB Rules Issued Under an English Regime. Last week, nine senators said they would work to invalidate any new rules promulgated by the bureau if Leandra English prevails in her attempts to unseat and replace the bureau’s acting director, Mick Mulvaney.... Mulvaney Taps Hensarling Aide. Is the Congressman Next? CFPB Acting Director Mick Mulvaney has named House Financial Services Committee Senior Counsel Brian Johnson to serve him as a senior adviser, late-breaking press reports indicated. ...
Nine senators said they would work to invalidate any new rules issued by the CFPB if Leandra English prevails in her attempts to unseat and replace the bureau’s acting director, Mick Mulvaney...
As the end of the year nears, there’s been talk this week about negotiations underway between the Federal Housing Finance Agency and the Trump administration to address the capital situation at Fannie Mae and Freddie Mac. Although no one is confirming the discussion, a Bloomberg report quoted an anonymous source as saying that FHFA officials want Fannie and Freddie each to keep a capital buffer of $2 billion to $3 billion on their books. In return, the report said, the administration wants to limit the GSEs’ activity in the market by tightening restrictions on the type of loans they buy. In late 2013, former FHFA Acting Director Ed DeMarco proposed implementing a loan size limit on...
Fannie Mae’s board chairman and the mayor of Atlanta are in a heated dispute over roughly 100 acres of vacant land that the city said was supposed to serve the low-income population. In fact, Mayor Kasim Reed is suing Egbert Perry and has asked him to step down from his position as non-executive chairman of Fannie’s board. Perry, co-founder and CEO of the Integral Group, joined the GSE’s board in late 2008, and has been chair since 2014. He says he hasn’t done anything wrong. The argument stems from what the mayor calls a “secret deal” made with Integral in 2011 by Renee Glover, the former president and CEO of the Atlanta Housing Authority, who now serves on Fannie’s board.
The Seventh Circuit Court recently reversed an earlier decision that held buyers purchasing property in Chicago from Fannie Mae were liable for state and local transfer taxes. The case involved real property transfer taxes imposed in 2013 and 2014 on purchasers who argued they were legally exempt from having to pay. The Illinois Department of Finance assessed the buyers for the tax. But since the property was purchased from a federal agency, the buyers believed they were exempt from having to pay. The buyers and Fannie then both sued the City of Chicago and asked the federal court to review the finance department’s decision.
Think Tank Makes a Case for GSEs to Become SIFIs. Alex Pollock, senior fellow at the R Street Institute, along with author Thomas Stanton, wrote Treasury Secretary Steve Mnuchin this week urging him to designate Fannie Mae and Freddie Mac as Systemically Important Financial Institutions (SIFIs).They said that it’s obvious the mortgage giants meet all the criteria specified by the Dodd-Frank Act and the Financial Stability Board for designation as SIFIs and they want the same protective capital and regulatory standards applied to the...
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