Mortgages

The Federal Housing Finance Agency is looking to revise the framework intended for when Fannie Mae and Freddie Mac exit conservatorship in order to encourage the transfer of credit risk to private investors.

Speculation has mounted that Mike Calhoun, president of the Center for Responsible Lending, is under consideration to lead the Federal Housing Finance Agency. His nomination would be an endorsement of proposals to treat Fannie Mae and Freddie Mac in a similar way as publicly regulated power or water companies.

Changes made in the waning days of the previous administration limited the government-sponsored enterprises’ purchases of certain loan types, which drew criticism from lenders and community groups alike.

Elizabeth Warren asked the Federal Reserve this week to force the spinoff of the bank’s nonbanking operations. Wells, which was recently hit with another $250 million fine, countered that it has made significant progress in improving its risk management and addressing misconduct.

If confirmed, Alanna McCargo would be the first Senate-approved president at Ginnie Mae since January 2017.

The Office of the Comptroller of the Currency slammed the scandal-plagued bank for violating a 2018 consent order and for problems with loss mitigation practices in its home lending division. The bank will also be restricted from acquiring certain residential mortgage servicing rights.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.

The White House and the Federal Housing Finance Agency announced steps to help nonprofits and public agencies buy foreclosed properties, among other initiatives, as part of a plan to boost supply over the next three years.

The Houston company has agreed to pay a $3 million penalty, provide $4 million in loan subsidies to new borrowers and make other investments aimed at improving home buying opportunities for Black and Hispanic households.