The Treasury will not launch its revamp of housing finance until next year as it concentrates first on swift implementation of financial reform legislation, the Treasury’s number two official said on Thursday. US-backed housing finance giants Fannie Mae and Freddie Mac, with their broken business models, are notoriously absent from the US financial rules overhaul close to becoming law.
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Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
U.S. home prices increased 5.1% in the fourth quarter from a year ago, matching the pace of the prior quarter, according to the Federal Housing Finance Agency.