Mortgages

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.

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.

On Jun. 30, 2021. Dollars in thousands.

The Federal Housing Finance Agency in the Trump administration had been preoccupied with Fannie Mae and Freddie Mac’s capital position. Acting Director Sandra Thompson has shifted the agency’s focus to affordable housing and fair lending.

CEO Thomas Cangemi is pushing to modernize a bank that for decades was focused largely on multifamily lending. The company has already agreed to buy the mortgage lender Flagstar Bancorp and its partnership with Figure Technologies, a blockchain-focused fintech, has the potential to make that acquisition more productive.

Fannie Mae should be applauded for allowing lenders to take rent payments into account when underwriting home loans. But lenders will need to embrace other credit scoring models if they hope to turn more renters into buyers.

Financial institutions will have until early October to weigh in about new risk-based capital requirements for nonbanks.