News Topic: GSEs
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FHFA seeks comment on salary caps at Fannie and Freddie
FHFA veteran reflects on 20 turbulent years in housing finance
Freddie Mac hires former Wells Fargo exec Michael DeVito as new CEO
Confusion over CFPB underwriting rule persists
CFPB gives lenders extra 15 months to meet QM standard
FHFA adds refi option for low-income borrowers
The mounting costs of protracted mortgage forbearance
The FHFA’s forbearance extension to September is forcing nonbank servicers to buy out more delinquent loans. It's also upended loss estimates for investors and made racial and income disparities in the mortgage market worse. ]] ... Read full article
Lenders urge Biden to remove GSE cap on 'high-risk' loans
In its final days, the Trump administration imposed limits on Fannie Mae and Freddie Mac’s holdings of mortgages with loan-to-value ratios above 90% and certain other characteristics. Critics say the changes were unnecessary and disproportionately penalize ... Read full article
CFPB officially proposes delay of QM changes
The agency issued a proposal moving the compliance date for the Qualified Mortgage rule revamp to October 2022. ... Read full article
Fannie, Freddie double their funding for affordable housing projects
The mortgage giants were authorized to give just over $1 billion combined to the National Housing Trust Fund and the Capital Magnet Fund this year, the highest contribution ever. The amount reflects refinancing growth in 2020. ... Read full article
Fannie Mae’s 2020 earnings fall due to COVID-related credit expenses
While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity. ... Read full article
FHFA asks for input on GSEs' exposure to climate change
In a request for information, the agency sought feedback on how it should prioritize climate risks as part of its supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. ... Read full article
GSEs allowed to keep more earnings, but what comes next is uncertain
The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear if the incoming Biden administration will keep the mortgage ... Read full article
Waters, Brown urge Mnuchin to halt housing finance reforms
The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy. ... Read full article
Mnuchin rules out freeing Fannie-Freddie before Biden takes over
Treasury Secretary Steven Mnuchin has all but ruled out letting Fannie Mae and Freddie Mac exit U.S. control before he steps down, leaving it to the Biden administration to decide the fates of the mortgage giants. ... Read full article
CFPB finalizes overhaul of mortgage underwriting rules
The consumer bureau's revamp of criteria for "qualified mortgages," a special regulatory class of loans free from liability, emphasizes pricing instead of a borrower's debt-to-income ratio. ... Read full article
Is GSE reform dead on arrival under Biden?
The Trump administration has moved forward on a plan to privatize Fannie Mae and Freddie Mac, but Joe Biden appointees could take steps to slow or stop their release from conservatorship. ... Read full article
FHFA issues capital rule, previews next steps on plan to release GSEs
The new capital framework for Fannie Mae and Freddie Mac is a prelude to letting the mortgage giants potentially retain all their earnings. But efforts to privatize the companies could face pushback from the Biden administration. ... Read full article
Freddie Mac CEO David Brickman resigns, interim leader appointed
Freddie Mac representatives would not comment on the sudden resignation of Brickman. Interim CEO Michael Hutchins has served as Freddie’s executive vice president of investments and capital markets since January 2015. ... Read full article