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Keyword: fhfa

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  • These Obama appointees could cause another housing collapse

    10/14/2017 8:56:32 PM PDT · by Oshkalaboomboom · 15 replies
    NY Post ^ | October 14, 2017 | Paul Sperry
    A pair of top Obama-appointed bank regulators still serving in the Trump administration could spark another mortgage meltdown by lowering credit standards and encouraging risky lending practices. Democrat Mel Watt, who is serving a special five-year term as head of the Federal Housing Finance Agency, is pushing the mortgage-lending giants he regulates — Fannie Mae and Freddie Mac — to offer home loans to deadbeat borrowers with shaky credit, setting up conditions for another housing-market crash, industry officials warn. Meanwhile, the other Obama holdover — liberal Democrat Richard Cordray, who continues to head the Consumer Financial Protection Bureau through 2018...
  • Fannie, Freddie and the Secrets of a Bailout With No Exit

    05/21/2016 7:26:36 AM PDT · by Lorianne · 8 replies
    New York Times ^ | 20 May 2016 | Gretchen Morgenson
    When Washington took over the beleaguered mortgage giants Fannie Mae and Freddie Mac during the collapse of the housing market and the financial crisis of 2008, it was with the implicit promise that they would be returned to shareholders after being nursed back to health. But now, with the unsealing of documents this week that were produced as part of a lawsuit filed against the government, new evidence is coming to light on how intimately the White House was involved in the Treasury’s decision in August 2012 to keep all the companies’ profits for the government. That move effectively maintained...
  • Finally, A Bank Stands Up To Obama's Shakedown

    03/18/2015 6:32:52 AM PDT · by SeekAndFind · 36 replies
    IBD ^ | 03/18/2015
    Extortion: After 16 banks caved in to White House demands to refund billions in losses to Fannie Mae and Freddie Mac, one outlier remains unrepentant. Nomura Holdings refuses to succumb to the political shakedown. The Japanese bank's U.S. unit won't give in to extortionist regulators protecting Fannie/Freddie who claim it hoodwinked the toxic twins into buying pools of subprime mortgages, like it claimed Bank of America, JPMorgan and other U.S. banks did in the run-up to the mortgage crisis. The government demands $1 billion in damages. Nomura says it won't give a dime toward the $18 billion ransom the feds...
  • There's a new mortgage crisis brewing [Richard Bove]

    02/24/2015 4:49:11 PM PST · by CutePuppy · 24 replies
    CNBC ^ | 2015 February 23 | Richard X. Bove
    In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up. The solutions to the problem in 2010 and thereafter included: Suing and...
  • More Americans to buy homes with 3 percent down

    12/10/2014 7:21:18 AM PST · by TurboZamboni · 65 replies
    Pioneer Pres/AP ^ | 12-9-14 | Josh Boak
    WASHINGTON (AP) — Some Americans will soon be able to buy a home with a down payment as low as 3 percent, compared with the current minimum of 5 percent, the mortgage giants Fannie Mae and Freddie Mac say. The new lending guidelines announced by the companies Monday are designed to help more low-income and first-time buyers afford homes. Millions of Americans lost their savings or no longer had the income needed to set aside money for a home in the aftermath of the 2008 financial crisis and the Great Recession. That has held down the sales of houses and...
  • New federal database will track Americans' credit ratings, other financial information

    05/30/2014 5:48:55 AM PDT · by Chickensoup · 60 replies
    Washington Examiner ^ | 5/30/2014 | Richard Pollock
    As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including their Social Security numbers -- in a new national database being assembled by two federal agencies. The Federal Housing Finance Agency and the Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy. Sign Up for the Watchdog newsletter! FHFA will manage the database and share it with CFPB. A CFPB internal planning...
  • Consumer bureau data-mining hundreds of millions of consumer credit card accounts, mortgages

    01/29/2014 10:15:43 AM PST · by Errant · 35 replies
    Washington Examiner ^ | 29 January 2014 | Richard Pollock
    Officials at the Consumer Financial Protection Bureau are conducting a massive, NSA-esque data-mining project collecting account information on an estimated 991 million American credit card accounts. It was also learned at a Congressional hearing Tuesday that CFPB officials are working with the Federal Housing Finance Agency on a second data-mining effort, this one focused on the 53 million residential mortgages taken out by Americans since 1998.
  • Mel Watt becomes new chief overseeing Fannie, Freddie

    01/09/2014 10:41:37 AM PST · by Olog-hai · 11 replies
    Charlotte Observer ^ | Monday, Jan. 06, 2014 | Franco Ordonez
    Mel Watt was sworn into a top housing finance post Monday afternoon while simultaneously bringing to an end a career in Congress spanning more than two decades. The now-former representative from North Carolina was given the oath to lead the Federal Housing Finance Agency by former Charlotte mayor and current Transportation Secretary Anthony Foxx. Watt’s path to his new position was cleared last month after a drawn-out debate that included a controversial rule change allowing him to be confirmed with a 57-41 Senate vote. …
  • FHFA Raises Guarantee Fees For Fannie Mae and Freddie Mac (DeMarco's Last Stand)

    12/09/2013 3:45:34 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 12/09/2013 | Anthony B. Sanders
    Today, FHFA directed Freddie Mac and Fannie Mae to raise guarantee fees in three components: • The base g-fee (or ongoing g-fee) for all mortgages will increase by 10 basis points; • The up-front g-fee grid will be updated to better align pricing with the credit risk characteristics of the borrower; and • The up-front 25 basis point adverse market fee that has been assessed on all mortgages purchased by Freddie Mac and Fannie Mae since 2008 is being eliminated except in the four states whose foreclosure carrying costs are more than two standard deviations greater than the national average....
  • FHA To Drop Loan Limits (Lowering The Brad Pitt Mortgage Limit), Hawaii Still The Highest

    12/08/2013 11:51:10 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 12/08/2013 | Anthony B. Sanders
    According to Nick Timiraos at the Wall Street Journal, Housing Agency (FHA) Will Reduce Mortgage-Loan Limits next month. The maximum for single-family homes in certain “high-cost” housing markets including Los Angeles, San Francisco and New York will fall to $625,500, from the current level of $729,750. This is an attempt to bring the FHA back in line with their original mission of supporting first time homebuyers, not the Brad Pitts of the world. Why does the Federal government insure mortgages in expensive cities that are far more costly than middle America? Ask your Congressman. Example. Honolulu leads the nation in...
  • Fallout From Senate's Nuclear Option: Mel Watt Likely To Be Confirmed As FHFA Director

    11/23/2013 3:28:32 AM PST · by whitedog57 · 7 replies
    Confounded Interest ^ | 11/23/2013 | Anthony B. Sanders
    There is already fallout from Harry Reid (D-NV) and The Democrats use of the “nuclear option” to change confirmation hearings to a simple majority vote. Of course, this means that the Democrats can force horrible choices on America without the possibility of a filibuster. While most people have focused on the judicial appointments, one person in the housing finance arena stands to benefits: Mel Watt (D-NC). Watt would be a disastrous choice as Federal Housing Finance Agency (FHFA) Director. He has NO regulatory experience, did not know what Tier 1 capital was (the lack of which sank Fannie Mae and...
  • Treasury To Sell Remaining GM Shares - Whither Fannie Mae and Freddie Mac??

    11/21/2013 12:13:22 PM PST · by whitedog57 · 1 replies
    Anthony B. Sanders ^ | 11/21/2013 | Anthony B. Sanders
    The U.S. Treasury Department said it expected to sell its remaining shares of General Motors by the end of the year, a plan that may leave taxpayers with a shortfall of about $10 billion on the automaker’s 2009 bailout. It must be nice to be bailed out by Uncle Sam. Most companies go through the bankruptcy process without the Federal government interfering with the proceedings. But what about Fannie Mae and Freddie Mac, the beleaguered mortgage giants held in conservatorship by the Federal Housing Finance Agency (FHFA)? More to the point, why didn’t the failed giants go into bankruptcy instead?...
  • Transformation: Freddie Mac Does Another Risk-sharing Deal, Citi Sells Servicing Rights

    10/25/2013 7:30:21 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 10/25/2013 | Anthony B. Sanders
    The mortgage market is undergoing a transformation. Fannie Mae and Freddie Mac are doing more credit risk-sharing deals (a sign of things to come) while Citi decides to sells its mortgage servicing portfolio. Oct. 25 (Bloomberg) By Jody Shenn — Freddie Mac “expects to complete another” sale of risk-sharing securities “shortly,” FHFA acting director Ed DeMarco said in speech yesterday afternoon. • NOTE: Freddie spokeswoman said last month it hopes to complete another deal this year; Fannie Mae execs said this month no more deals in 2013, working on one for early next year • FHFA plans for “scope and...
  • Activist Regulator: FHFA Campaigning For Negative Equity Borrowers To Refinance Their Mortgage

    09/23/2013 7:15:37 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 09/23/2013 | Anthony B. Sanders
    Now, this is a switch. During the housing bubble, regulators were criticized for being asleep at the wheel. Now at least one regulator is assuming the role of consumer activist for mortgage refinancings. A U.S. regulator is starting a campaign to encourage as many as 2 million borrowers with mortgages backed by Fannie Mae and Freddie Mac to refinance with a government program for properties that have lost value. Officials at the Federal Housing Finance Agency convened focus groups this year to find out why borrowers paying interest rates as high as 7 percent hadn’t yet tried to lower their...
  • Huh? FHFA Purchase Only House Price Index Rises 0.7% In May, Richmond Fed Prints at -11

    07/23/2013 7:21:49 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 07/23/2013 | Anthony B. Sanders
    The Federal Housing Finance Agency (FHFA) released their purchase only house price index this morning. It rose 0.7% in May. fhfa072313 The Pacific, West South Central, New England and Middle Atlantic continue to rise. East South Central? Not so much. fhfaregion072313 States in Each Census Division Pacific Census Division: Hawaii, Alaska, Washington, Oregon, California Mountain Census Division: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas, Missouri West South Central: Oklahoma, Arkansas, Texas, Louisiana East North Central: Michigan, Wisconsin, Illinois, Indiana, Ohio East South Central: Kentucky, Tennessee, Mississippi, Alabama...
  • FHFA Limiting Fannie Mae and Freddie Mac Loan Purchases to “Qualified Mortgages”

    05/06/2013 1:41:13 PM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 05/06/2013 | Anthony B. Sanders
    The Federal Housing Finance Agency (FHFA) announced today that it is directing Fannie Mae and Freddie Mac to limit their future mortgage acquisitions to loans that meet the requirements for a qualified mortgage, including those that meet the special or temporary qualified mortgage definition, and loans that are exempt from the “ability to repay” requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). In January, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing the “ability to repay” provisions of Dodd-Frank, including certain protections from liability for loans that meet the criteria of a qualified...
  • Obama nominee:Most whites won’t vote for a black;should be excluded from ‘democratic process’

    05/01/2013 6:01:53 PM PDT · by massmike · 53 replies ^ | 05/01/2013 | n/a
    Obama’s pick to head the Federal Housing Finance Agency once said that a “majority of white voters” would never vote for a black candidate and that they should be excluded from “the democratic process.” The White House announced Wednesday that Obama will nominate Democratic North Carolina Congressman Mel Watt to take over the FHFA, which regulates Fannie Mae and Freddie Mac, the country’s government sponsored mortgage companies. Watt, the former chairman of the Congressional Black Caucus, has in the past accused white Americans of racism. “There would be a substantial majority of white voters who would say that under no...
  • Goin’ Down: Mortgage Purchase Applications, Treasury Rates, Construction Spending Decline

    05/01/2013 9:34:58 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 05/01/2013 | Anthony B. Sanders
    While we await The Fed’s FOMC rate decision at 2pm (as if it will change!), we had some good news and bad news today. First, the good news. The Mortgage Bankers Association (MBA) released their weekly mortgage applications indices this morning. Applications rose 1.8% from the previous week. Unfortunately, mortgage purchase applications fell 1.37% while refinancing applications rose 2.80% and is at its highest level since the week ending January 18, 2013. The HARP share of refinance applications increased from 32 percent last week to 34 percent this week, the highest level since MBA began tracking HARP applications in February...
  • Obama to name Melvin Watt, NC congressman, to top housing finance post

    05/01/2013 4:52:22 AM PDT · by haffast · 11 replies
    Associated Press ^ | Updated: Wednesday, May 1, 12:13 AM | AP
    WASHINGTON — President Barack Obama intends to nominate Rep. Melvin Watt to head the Federal Housing Finance Agency, the government regulator that oversees lending giants Fannie Mae and Freddie Mac, a White House official said Tuesday. If confirmed by the Senate, Watt, D-N.C., a 20-year veteran of the House, would replace Edward DeMarco, an appointee of President George W. Bush who has been a target of housing advocates, liberal groups and Democratic lawmakers. snip The president was expected to name Watt on Wednesday, according to the official, who spoke on condition of anonymity ahead of the announcement. Watt’s nomination comes...
  • Obama Administration Seeks To Replace FHFA Director With Moody’s Mark Zandi

    04/13/2013 1:55:21 PM PDT · by whitedog57
    Confounded Interest ^ | 04/13/2013 | Anthony B. Sanders
    The title of the WSJ’s Nick Timiraos article couldn’t be more ironic: “Economist Eyed for Fannie Watchdog.” It is ironic in a couple of ways. First, Zandi has no regulatory experience (as far as I know). Second, he is on record touting every government loan modification and principal reduction program. See, for example, his New York Times editorial with Joseph Stiglitz. The current FHFA Acting Director, Edward DeMarco, has been a champion of shrinking Fannie Mae and Freddie Mac’s footprint in the market and consolidating their operations. According to Timiraos: Without clear direction from the White House or Congress, Mr....