Affordable housing and community development advocates say taxpayers aren’t getting enough for the government subsidy of the FHLBanks. The FHLBanks say critics misunderstand their federal support.
FHFA plans for board structure changes; Justice Department sues Rocket over refi discrimination; Redwood markets jumbo ARM securitization; LoanCare launches digital recapture product.
Large nonbanks serviced 40.0% of all loans in mortgage-backed securities issued by Fannie Mae and Freddie Mac as of the end of September. (Includes two data tables.)
The Council of Federal Home Loan Banks said Treasury’s proposal that the FHLBanks use their excess retained earnings to support affordable housing is asking them to operate on minimum capital levels.