Newsroom
Meg Burns Joins the Financial Services Roundtable Housing Policy Council
The Financial Services Roundtable (FSR) announced Monday it has hired Meg Burns as Senior Vice President of Mortgage Policy. Burns joins Ed DeMarco, former Federal Housing Finance Agency (FHFA) director, who recently became the president of FSR's Housing Policy Council (HPC).
House Passes Comprehensive Dodd-Frank Overhaul
The U.S. House of Representatives yesterday passed legislation, the Financial CHOICE Act (H.R. 10), that would repeal and replace many provisions of the Dodd-Frank Wall Street Reform Act. The bill passed on a largely party-line vote of 233-186, with all but one Republican voting in support and all Democrats opposed.
Carson, Patenaude Face Tough Questioning in Congress over Administration’s Proposed HUD Budget Cuts
President Trump’s proposed fiscal year (FY) 2018 Budget for the Department of Housing and Urban Development (HUD) came under intense scrutiny from senators during committee hearings this week, as the HUD secretary and deputy secretary-designate defended the Budget at separate hearings.
Carson Touts Importance of Homeownership at HUD Forum
The Department of Housing and Urban Development (HUD) last week held a housing forum, “A New Era of Homeownership,” to mark the beginning of National Homeownership Month, as declared by President Trump in May. The social and financial benefits of homeownership for Americans and the economy was a common thread throughout the entire forum.
CFPB Announces Upcoming Assessment of Ability-to-Repay Rule
The Consumer Financial Protection Bureau (CFPB) yesterday published a notice in the Federal Register announcing that CFPB will be conducting an assessment of its Ability-to-Repay/Qualified Mortgage rule (ATR-QM). The Notice seeks public input on CFPB’s plans for the assessment and recommendations for improving it.
FHFA Seeks Stakeholder Impact on Expanding Mortgage Credit Access for Borrowers with Limited English Proficiency
The Federal Housing Finance Agency (FHFA) yesterday issued a Request for Input on how the single family housing market can better serve qualified borrowers with Limited English Proficiency (LEP). FHFA published this request to advance one of the goals of its 2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, which calls on Fannie Mae and Freddie Mac to identify obstacles impacting LEP borrowers and formulate plans for increasing such borrowers’ access to mortgage credit.
Financial Services Committee Releases Flood Insurance Reform Bill Summary
House Financial Services Committee Chair Jeb Hensarling (R-TX) recently released a discussion draft summarizing legislation he intends to introduce soon that will reauthorize and reform the National Flood Insurance Program (NFIP). NFIP’s authorization is scheduled to expire at the end of fiscal year (FY) 2017. Hensarling says that NFIP reform will be one the Committee’s top priorities this year.
Senate Banking Committee Discusses Housing Finance Reform with FHFA Director Watt
The Senate Banking Committee yesterday held a hearing to examine the status of the housing finance system and the role in it of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. This is the first in a series of hearings the Committee is expected to hold this year as it works on housing finance reform legislation.
GSEs’ Duty to Serve Plans Include Proposals to Work with HFAs; Potential Housing Credit Investments
The Federal Housing Finance Agency (FHFA) earlier today released Fannie Mae and Freddie Mac’s proposed Underserved Market Plans (the Plans). The purpose of these plans is for each firm to explain how it intends to carry out its duties as outlined by FHFA’s Enterprise Duty to Serve rule.
House Financial Services Committee Advances Dodd-Frank Reform Bill
The House Financial Services Committee yesterday favorably reported the Financial Choice Act (The CHOICE Act, H.R. 10), which would repeal and replace a number of provisions of the Dodd-Frank Wall Street Reform Act. The bill includes several provisions that could impact the rules governing HFA lending programs and ways of financing them.
Congress Passes FY 2017 Spending Omnibus
Both the House and Senate, on May 3 and May 4, respectively, passed the FY 2017 omnibus spending package funding government agencies, including the Department of Housing and Urban Development (HUD), for the remainder of FY 2017, which ends September 30. The President is expected to sign the measure today.
Senate Confirms Jay Clayton for SEC Commissioner
The U.S. Senate on May 2 confirmed Jay Clayton’s nomination to chair the Securities and Exchange Commission (SEC) by a vote of 61-37. Clayton was previously a partner at Sullivan & Cromwell LLP, an international law firm. Clayton was sworn in as SEC Chair yesterday.
