Senate negotiators working on the financial-regulatory bill today rejected a proposal from House Republicans that would make big banks liable for the costs of winding down Fannie Mae and Freddie Mac. The proposal would have made the government-controlled home loan companies, which own or guarantee more than half of the $11trn US mortgage market, part of a Wall Street-financed “rainy day” fund that would be used to pay for the liquidation of large failed companies.
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There are numerous sources for graphs, charts, surveys, calculations and a seemingly infinite number of people and organizations with a stake in the housing market, so it’s difficult to cut through the noise and hear the melody. But in her debut column, HousingWire Columnist Mary Frances Coleman shows you how.
MDK is strongly encouraging clients to embrace the new normal while preparing for a foreclosure volume increase in the not-too-distant future.