Mortgages

After permitting remote appraisals on an interim basis during the pandemic, Fannie Mae and Freddie Mac will accept them outright starting in early 2022, the acting head of the Federal Housing Finance Agency said.

Democrats’ $3.5 trillion social policy package would appropriate over $300 billion for housing-related measures, including down payment assistance for first-time homebuyers. But those provisions could be on the chopping block as centrists try to trim the bill’s price tag.

Lawmakers appeared supportive of Alanna McCargo's nomination at a Senate hearing Thursday. If confirmed, the former Urban Institute vice president would fill a role that has been vacant since 2017.

The bank's head of home lending has been tasked with managing the mortgage division through a housing boom but also with fixing years of regulatory troubles. 

The proposal calls for a 20-year mortgage with Ginnie Mae and Treasury participation, but critics suggest that other measures would be more effective in bridging the gap in home equity.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands

Sandra Thompson, who has been acting director of the Federal Housing Finance Agency since June, has won backing from the mortgage industry and community groups for the experience she brings to the role. The push comes as the administration is said to be considering Mike Calhoun of the Center for Responsible Lending.

The chair of the House Financial Services Committee endorsed acting Federal Housing Finance Agency Director Sandra Thompson as rumors abound that the administration is considering someone else for the job.

After exiting the business roughly 20 years ago, the San Antonio bank is working with tech consultant Infosys to help it build out a digital consumer lending business that will include home loans.