Federal Housing Finance Agency Director Mark Calabria on Monday warned Congress that Fannie Mae and Freddie Mac play a disproportionately large role in the housing market and are badly undercapitalized – creating significant risk to the nation’s economy. In a letter to the banking and housing chairs introducing FHFA’s annual report, Calabria urged Congress to…
The Federal Housing Finance Agency announced Monday that it will not implement new financial eligibility requirements for mortgage lenders that service or sell loans to Fannie Mae and Freddie Mac. The new requirements, announced Jan. 31, were to be implemented this month. “Due to recent market events, the Federal Housing Finance Agency … will be…
By Jim Perskie More than 50 years after redlining was outlawed, the practice still has a profound impact on the wealth and property values in neighborhoods across the country, according to a report released by Redfin on Thursday. The typical homeowner in a neighborhood that was “redlined” for mortgage lending by the federal government has gained…
Another month. The Federal Housing Finance Agency announced Thursday that it is extending the loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency. Originally put in place at the height of the pandemic, this is the second time they have been extended – this…
Federal Reserve Chairman Jerome Powell said Wednesday that the Fed is committed to “using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible.” That includes keeping interest rates very low. “In March, we quickly lowered our policy interest…
The Federal Reserve on Wednesday kept interest rates effectively at 0 percent and vowed to increase holdings in Treasury securities and mortgage-backed securities to support the economy during the coronavirus pandemic. In a statement following its meeting, the Fed said it “is committed to using its full range of tools to support the U.S. economy…
By Jim Perskie Federal Housing Finance Agency Director Mark Calabria told Congress that forbearance rates in the United States are “manageable,” noting that the number of homeowners pausing mortgage payments has slowed considerably in recent weeks. In testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Tuesday, Calabria said that the…
By Jim Perskie Federal Housing Finance Agency Director Mark Calabria told Congress on Tuesday that he will submit legislative recommendations net week to strengthen the agency’s regulatory and supervisory authority “to fix structural flaws in our housing finance system.” Testifying before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Calabria also stressed FHFA had…
Ginnie Mae announced today that its total outstanding principal balance in May was $2.15 trillion – up from $2.07 trillion a year earlier. Ginnie Mae also said it issued $63.44 billion in mortgage-backed securities in May, providing financing for more than 235,000 homeowners and renters. “Ginnie Mae MBS issuance in May of more than $63…
The Federal Deposit Insurance Corporation said Wednesday it will not move forward with revisions to the nation’s anti-redlining law announced moments earlier by the Comptroller of the Currency. Comptroller of the Currency Joseph M. Otting announced the finalization of a rule to “strengthen and modernize Community Reinvestment Act (CRA) regulations,” saying the rule would make…
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