Sen. Warren said, "Fortunately, the administration cannot yet resume its illegal attempt to shut down the CFPB..."

The FHFA director said the Trump administration's planned sale of GSE stock would be small, if it happened at all.

Although President Trump didn’t specifically mention a merger, that appears to be the implication of the post.

"The challenge is getting the requisite understanding of risk, providing the governance infrastructure and really creating the level of transparency and understanding that allow for a less sophisticated lender to adopt this technology," said John Levonick, a senior partner at the law firm of Garris Horn.

The Community Home Lenders of America and the MBA applauded the long-overdue passage of the bill.

Industry reaction was swift — and confused.

Higher provisions for losses in the second quarter contributed to a 14.6% sequential drop in net income for the mortgage giant.

Lower head counts at the mortgage giant reduced administrative expenses by $145 million in the second quarter, though profits were still down 9% sequentially.

The Senate Committee on Banking, Housing and Urban Affairs approved the ROAD to Housing Act on a 24-0 vote.

MBA's Megan Booth said the updated code would lead to fewer FHA- and USDA-backed properties.