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Posts Tagged ‘mortgage finance’

Mortgage Finance Reform Tops Congressional Agenda

July 8th, 2013 Comments off

House Republicans, led by Rep. Jeb Hensarling of Tex., Chairman of the House Financial Services Committee, are getting set to introduce mortgage finance reform legislation that will totally eliminate government sponsored enterprises (GSEs) and replace them with a private system. Knowing all the features are not likely to pass, the goal of the representatives who are assisting in drafting the measure is to mark a point from which to negotiate. The bipartisan bill from the Senate, introduced by Bob Corker (R-Tenn.) and Mark Warner (D-Vir.), while cutting out Fannie Mae and Freddie Mac, would still provide a definite role for the government in the mortgage market, and has already received some industry support. If Hensarling is too unyielding, he’s likely to lose support of the GOP representatives who have ties to the housing industry, according to what nationalmortgagenews tells MHProNews. If too moderate, he may lose the more conservative members who are dead set on eliminating the GSEs. Says Brandon Barford, a vice president at ACG Analytics, “Negotiating with the Senate and the White House and other stakeholders, I think he’s going to have difficulty if his bill is dramatically different than Corker-Warner, if there’s little to no government role. I also question whether he (Hensarling) has enough votes to get it out of committee. He’s not going to get any Democrats, and he has a very slim margin to lose Republicans.”

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Fed Housing Involvement Will Remain

October 18th, 2012 Comments off

Despite calls by analysts and policy makers following the recent crash to get the government out of the housing business, Kerri Ann Panchuk of HousingWire says the GSEs still account for 85-95% of the outstanding mortgage loans, securitized and unsecuritized. Plus there is a myriad of programs to help homebuyers—Home Affordable Mortgage Program (HAMP), federal block grants, other refinance programs, etc.–that are in direct contrast to The Treasury saying it wanted a mortgage finance system supported by more private capital. Doug Duncan, chief economist for Fannie Mae, says private capital does not see clarity in the new system, and that uncertainty will keep investors away. As MHProNews has learned, government will remain involved for the foreseeable future.

(Image credit: Federal Housing Administration)

HUD Backs Modular Housing on Tribal Land

August 29th, 2012 Comments off

Indiancountrytodaymedianewtwork reports the first large housing project in 40 years on the San Felipe Pueblo tribal land in Sandoval County, New Mexico has just witnessed 28 families move in to the 28 new modular homes, part of a planned 150 unit project which includes multi-family housing for elderly members of this 3,400 member tribe. Located just north of Albuquerque, the $2.8 million HUD Title VI (Indian Housing Block Grant funds) loan by Bank of America was the first Title VI approved on NM tribal land in over a decade. Isaac Perez, executive director of the San Felipe Pueblo Housing Authority (SFPHA), noting Bank of America was the only lender who would do a Title VI, even though it is 95% federally guaranteed loan, said another bank wanted a 100% guaranteed from the tribe in addition to the federal backing. Half of the workforce of 100 plus were tribal members, building and installing the modular units on the pueblo. MHProNews has learned additional funding came from the New Mexico Mortgage Finance Authority, Enterprise Community Partners, and federal stimulus funds.