Senate Banking Committee chairman Christopher Dodd, D-Conn., said his talks with the ranking committee Republican have reached an impasse and he wants to move ahead with financial regulatory reform legislation.
A probe by the HUD Inspector General of 15 FHA lenders is causing warehouse providers to have second thoughts on extending credit to some of these firms, according to attorneys, consultants, and mortgage executives close to the situation.
The Federal Housing Administration had $32.6 billion in liquid assets on hand at Dec. 31 — a slight increase from three months earlier — to cover potential losses on its $700 billion-plus book of business, according to new figures provided by the agency.
Fannie Mae and Freddie Mac will not become large buyers of mortgage-backed securities this year and will maintain plans to reduce their total asset size, according to a new letter from their regulator.
Eliminating or downsizing Fannie Mae and Freddie Mac would cripple the TBA (to-be-announced) market, which provides a quick and cost-efficient mechanism for issuing mortgage-backed securities, according to an executive at JPMorgan Chase.
Fannie Mae and Freddie Mac have $2 billion at stake in the Stuyvesant Town and Peter Cooper Village debacle in Manhattan — but their former regulator believes they won’t be big losers.
The Federal Housing Administration is seeking congressional permission to raise the annual premium on FHA-single-family loans to 0.85%, up from the current 0.55% statutory limit, according to the President’s fiscal year 2011 budget proposal.
