Just like previous budgets proposed by President Trump, the 2021 version stands little chance of getting passed by Congress. But it does provide a win-dow into the administration’s priorities.
The proposed changes to the Community Reinvestment Act are intended to prevent banks from receiving credit on mortgages to wealthy people living in low-income areas.
FHFA Director Mark Calabria said he would be willing to wipe out Fannie Mae and Freddie Mac shareholders if needed to ensure taxpayers don’t have to bail out the mortgage giants again.
According to analyst Jaret Seiberg, the risks posed by the Supreme Court’s decision explains why FHFA is considering releasing Fannie and Freddie from conservatorship via a consent decree.
Low-downpayment mortgages remain at the core of financing for first-time homebuyers, who continue to move away from FHA and VA programs to-ward conventional home loans.
Will the FHFA trim cash-out refis by Fannie Mae and Freddie Mac? For now, all is quiet on the topic. In other news: HUD ushered in new regulatory changes for FHA condo financing, making it easier for borrowers and lenders.
Kamala Harris, Elizabeth Warren, Julian Castro and Cory Booker — Democrats jockeying to be the 2020 presidential candidate — lay out comprehensive plans to reform the nation’s affordable-housing system.
HUD Secretary Ben Carson was in the hot seat in Congress this week as Democrats on the House Financial Services Committee questioned him on key issues including oversight.
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