Prolonged funding pressures in US money markets, just as bank reserves held at the Federal Reserve are dwindling, suggest the central bank may be getting closer to ending the unwinding of its massive portfolio of securities. Overnight funding markets, where banks and asset managers borrow and lend to each other on a day-to-day basis, have […]
Fed’s balance sheet runoff in focus as bank reserves are ebbing Read More »
A yearslong legal battle between credit union regulators and U.S. Bank over mortgage securities dating back to the financial crisis is nearing a settlement, according to new court filings. Both NCUA and U.S. Bank said they were unable to comment on the settlement. A letter dated Oct. 2 from both sides to Judge Louis
U.S. Bank, NCUA reach deal in Great Financial Crisis case Read More »
Fannie Mae and Freddie Mac could change how they approach affordable housing goals next year if their oversight agency’s new affordable-housing goal proposal moves forward. Some of the proposed benchmarks the Federal Housing Finance Agency published Thursday aren’t as high as those from a year ago and shift away from competitive efforts to serve low-income
FHFA floats new housing goals amid broader proposal review Read More »
Annaly has formed a new partnership with Pennymac, adding another major publicly-traded nonbank mortgage company as one of its subservicers. The real-estate investment trust, which also has a subservicing partnership with Rocket Cos., will be tied in with a master purchase agreement in which Annaly will buy certain assets from Pennymac. The purchase agreement relates
Pennymac and Annaly forge new mortgage servicing alliance Read More »
Some government-sponsored enterprise reform models could add three or four figures to monthly payments, but others could exert some limited downward pressure, a Stanford Institute for Economic Policy Research report finds. Estimated mortgage-rate hikes of 0.2% to 0.8% — an additional $500 to $2,000 for the typical homebuyer — could result in certain scenarios, authors
How potential changes to the GSEs could affect mortgage rates Read More »
Federal Reserve Vice Chair for Supervision Michelle Bowman said the U.S. central bank should seek to achieve the smallest balance sheet possible and overhaul its regime for implementing monetary policy. “Over the longer run, my preference is to maintain the smallest balance sheet possible with reserve balances at a level closer to scarce than ample,”
Bowman says Fed should use smallest possible balance sheet Read More »
Farmer Mac Farmer Mac CEO Bradford Nordholm will retire in 18 months, the company announced Thursday. Nordholm took over as CEO in 2018, almost a year after Farmer Mac fired former CEO Timothy Buzby for violating company policies not related to its financial and business performance. With Nordholm at the helm, Farmer Mac, a secondary
Farmer Mac CEO Bradford Nordholm to retire in 2027 Read More »
The value of government-sponsored enterprises’ Fannie Mae and Freddie Mac stems from their mortgage-market role and experts at a Bipartisan Policy Center event at times took varying stances on what it would take to preserve and protect that position amid reform. The panel’s comments arrived ahead of Federal Housing Finance Agency Director Bill Pulte’s ongoing
Panel eyes GSEs’ guarantee as public offering talks progress Read More »
Two more lenders have joined the parade of early conforming loan limit boosters, Crosscountry Mortgage and Rate. They join United Wholesale Mortgage and Pennymac in being willing to underwrite loans up to $819,000 for future sale to Fannie Mae and Freddie Mac. Of the major lenders who have done so in the past, only Rocket
Rate, Crosscountry latest to boost conforming limits early Read More »
The top Senate Democrat with oversight of Fannie Mae and Freddie Mac pressed Treasury Secretary Scott Bessent for more details about the Trump administration’s efforts to take the mortgage giants public. The Treasury Department and the Federal Housing Finance Agency have been holding meetings with housing advocates, think tanks and mortgage industry representatives this month
Elizabeth Warren presses Bessent on Fannie, Freddie IPO efforts Read More »