Key insight: A retooled version of housing legislation passed the lower chamber by a wide bipartisan margin, including with active support from many Democrats for community bank measures. What’s at stake: As the bill goes back to the Senate, institutional investor and community bank measures are still in play. Forward look: The Senate can choose […]
House passes their version of housing legislation, 396 to 13 Read More »
WASHINGTON — Barney Frank, the former longtime Democratic congressman from Massachusetts who helped usher in the most consequential financial reform since the Great Depression, has died. He was 86. Processing Content Frank’s legendary career on Capitol Hill, representing large parts of the Boston suburbs for 32 years before retiring in 2012, was capped by his
Financial reformer and lawmaker Barney Frank dies at 86 Read More »
Key insight: The full House is expected to vote tomorrow on updated housing bill text that softens a ban on institutional investors owning some homes, removing a requirement that build-to-rent investors sell those properties within seven years. What’s at stake: The House version also includes community bank provisions that would ease rules around brokered and
House will vote Wednesday on newest version of housing bill Read More »
A lot of the debate regarding credit score modernization has focused on the actions of, and comparisons between FICO and VantageScore. Representatives of both were on a panel on the topic at the Mortgage Bankers Association’s Secondary and Capital Markets Conference in New York. Processing Content But the session also featured two lenders in the
Lenders look at operational changes in credit score update Read More »
Eric Lee/Bloomberg Ginnie Mae and Federal Housing Administration officials acknowledged concerns about a surge in delinquencies stemming from an FHA rule change, indicating they do foresee a date when it ends. Processing Content Pressure appears to be on track to let up later this year, Ginnie President Joseph Gormley told attendees at the Mortgage Bankers
Ginnie Mae foresees a day when FHA waterfall impacts end Read More »
Without the presidential order mandating the government-sponsored enterprises purchase securitized loans, it is possible mortgage rates could even be higher. Processing Content The economists at Bank of America Securities are still expecting the next move out of the Federal Reserve to be a reduction in short-term rates, but they have delayed the timing. This is
Without GSEs’ bond buying, mortgage rates may be even higher Read More »
Key takeaway: Federal Reserve Gov. Michael Barr said shrinking the central bank’s balance sheet could have unintended consequences, including increasing the Fed’s footprint in financial markets. Expert quote: “I think shrinking the balance sheet is the wrong objective, and many of the proposals to meet this objective would undermine bank resilience, impede money market functioning
Fed’s Barr warns of tradeoffs in shrinking balance sheet Read More »
Key insight: Large institutional investors would still be able to buy single-family homes under a House-drafted housing bill that dropped a ban that had been included in the Senate version of the bill. What’s at stake: Lawmakers argued that restricting big-money investors would inadvertently stifle new home building and construction. Forward look: Bankers remain wary
House reworks institutional investor ban in housing bill Read More »
Key insight: The Senate confirmed Kevin Warsh as Fed chair in a largely party-line 54 to 45 vote. What’s at stake: Warsh has pledged to keep monetary policy independent despite sustained pressure from President Donald Trump for lower interest rates. Forward look: Warsh takes the helm of the Fed as inflation metrics continue to climb,
Senate confirms Kevin Warsh as Federal Reserve chair Read More »
Enjoy complimentary access to top ideas and insights — selected by our editors.Want unlimited access to top ideas and insights? Subscribe Now In January, the Trump Administration released a new executive order seeking to limit the role of large institutional investors in single-family homes and promote greater access to homes for families and local buyers.
The real fix for housing: Reform 1031s and HUD sales Read More »