Fannie Mae adjusted its automated underwriting services last summer to make more loans with higher debt-to-income ratios eligible for approval without lenders needing to provide compensating factors.
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Housing and Urban Development Secretary Ben Carson told Congress it would cost approximately $500 million upfront to convert FHA’s archaic information technology systems to a modern technology platform.
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The Federal Housing Finance Agency reported this week that the GSEs completed 67,569 foreclosure prevention actions in the fourth quarter of 2017.
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Former Fannie Mae executive and critic of the government-sponsored enterprises’ credit-risk transfer programs, Tim Howard, said on his blog this week that CRTs only help “sustain what has become a very profitable program for Wall Street firms and capital market investors.”
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