The ranking member of the Senate Committee on Banking, Housing and Urban Affairs pressed FHFA Director Bill Pulte and HUD Secretary Scott Turner to describe their plans to enforce new restrictions on home purchases by Wall Street and private equity firms.
The rescission follows the CFPB’s recently finalized amendments to Regulation B, and the withdrawal of other federal guidance on special purpose credit programs.
Federal Housing Finance Agency Director Bill Pulte directed Fannie Mae and Freddie Mac to end support for special purpose credit programs earlier this year. But now other agencies are also ending authorization for the programs.
The Mortgage Bankers Association supported the Department of Housing and Urban Development’s proposal to cease requiring a permanent steel chassis on the upper floors of a tiered manufactured structure. The National Association of Home Builders urged HUD to update its codes so the structures remained safe.
Senate Democrats press OMB Director Vought to release previously allocated and designated grant funding for organizations to build and rehabilitate housing.
The Department of Housing and Urban Development plans to pursue rulemaking to allow a partial claim to be secured under the original mortgage, rather than as a subordinate note.
The CFPB plans to issue a servicing rule in August and is considering revisions to ATR/QM requirements. Both HUD and VA have a long list of rulemaking plans, while FHFA’s regulatory agenda is more limited.