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Items Tagged with 'Mel Watt'

ARTICLES

Monday Morning Cup of Coffee: Mortgage giants warm to principal reduction?

Also 2015 housing finance forecasts galore and key mortgage industry metrics
Trey Garrison
Is principal reduction about to become more common? Who hit the bulls-eye in forecasting 2014, and who just offered bull? And of those hawkeye prognosticators, what do they have to say about 2015? Get it here and get it early.
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GSEs officially update representation and warranty policies

Analysts say impact of long-awaited changes may be minimal
Ben Lane
Fannie Mae and Freddie Mac both announced changes to their respective representation and warranty policies, following through on an announcement made by Federal Housing Finance Agency Director Mel Watt at the Mortgage Bankers Association Annual Convention & Expo in October.
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FHFA Director: "Significant challenges remain" for Fannie Mae and Freddie Mac

Mel Watt makes first appearance before Congress
Brena Swanson
The FHFA director went before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Wednesday morning to give an update on Fannie Mae, Freddie Mac and the Federal Home Loan Bank. And while the government-sponsored enterprises have come a long way since the crisis, FHFA Director Mel Watt noted in his hearing that they still have a ways to go.
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FHFA's Watt: Realtors are next step for expanding mortgage credit

Housing Director urges agents to “actively encourage their customers”
Brena Swanson
Now that Federal Housing Finance Agency Director Mel Watt announced his plans to expand the credit box, he went to next source of strengthening homeownership: Realtors.
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Where is housing finance reform?

Neither side of the aisle should be happy
Brena Swanson
Housing finance reform is likely to take a backseat as Washington D.C. adjusts to its latest members. But regardless, President Obama’s former chief economic advisor Gene Sperling said, “Neither side should be happy with the [housing finance] status quo.”
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Toll Brothers CEO calls new mortgage rules dumb

“3% down doesn’t make any sense”
Brena Swanson
Not every builder is on board with federal regulators’ move this week to open the credit box and ease mortgage-qualification standards. While other builders like PulteGroup and Ryland Group welcome the new rules, Luxury homebuilder Toll Brothers finds the rule dumb.
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How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight
Sarah Wheeler
During one of the last panels at the MBA Annual Convention, a group of lenders was cautiously optimistic about the future, noting that while progress has been made, more clarifications are needed for a significant increase in non-QM lending.
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SEC approves risk retention rule, pending Fed approval

Industry continues to weigh in
Brena Swanson
The Securities and Exchange Commission approved the final version of the risk retention rule that would require banks to retain at least 5% of the risk on their books when securitizing loans. Now all that is left is approval from the Federal Reserve.
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Mel Watt and Julian Castro announce housing policy changes

MBA calls the policy changes "extremely positive"
Sarah Wheeler
Attendees at the Mortgage Bankers Association's Annual Convention & Expo think the changes are good. Really, really good.
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MBA leaders challenge federal regulators to take action

MBA: It's time for the penalty phase to end
Sarah Wheeler
"Today's lenders are paying many times over for mistakes that may have been out of their control," Bill Cosgrove, MBA chairman, said Monday at the MBA Convention in Las Vegas. "And it's the consumer who pays the ultimate price. It's time for the penalty phase to end."
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