In the second lawsuit of its kind, more than a dozen of the world's largest banks are accused of price fixing on roughly $486 billion of bonds issued by Fannie Mae and Freddie Mac.
Mark Calabria has notably criticized the government’s role in housing, but some groups have taken him at his word when he told senators that he supported affordable housing initiatives.
There’s bipartisan consensus that the conservatorships of Fannie Mae and Freddie Mac are unsustainable, but that may not be enough for lawmakers to upend the current system.
As debate over the future of the mortgage finance system heats up, policymakers must ensure that small banks and credit unions maintain equitable access to the secondary market.
American Banker and National Mortgage News are offering an exclusive discussion of how policymakers may revamp Fannie Mae and Freddie Mac and what that will mean for mortgage lenders of all sizes.
Mark Calabria, who could be confirmed as early as this month, is expected to focus on changes to Fannie Mae and Freddie Mac’s conservatorships to let the mortgage giants keep more of their profits.
The Mortgage Bankers Association, National Association of Realtors and 26 other groups warned the agency not to pursue steps reducing the scope of Fannie Mae and Freddie Mac that could upset the mortgage market.
Community banks and credit unions fear a Senate plan and other legislative ideas will nullify steps taken by Fannie Mae and Freddie Mac that have made it easier for smaller institutions to compete.
