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House Republicans Urge FHFA Not To Direct GSEs To Start Contributing To Affordable Housing Funds Established By HERA

On April 2, House Financial Services Committee Chairman Jeb Hensarling (R-TX), joined by Congressmen Scott Garrett (R-NJ) and Ed Royce (R-CA), urged FHFA Director Mel Watt to continue the FHFA’s five-year-old policy of...more

House Financial Services Ranking Member Unveils Housing Finance Reform Alternative

On March 27, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released draft legislation to reform the housing finance market. Congresswoman Waters also released a summary of the...more

FHFA’s Former Acting Director Announces Departure

On March 24, the FHFA announced that former Acting Director Ed Demarco will leave the agency at the end of April....more

President Signs Flood Insurance Bill

On March 21, President Obama signed the Homeowner Flood Insurance Affordability Act of 2013, which includes several provisions impacting previously enacted mandatory flood insurance purchase requirements. The bill, among...more

The Housing Finance Reform and Taxpayer Protection Act of 2014

This article provides a brief summary of the key provisions of a new bi-partisan Senate bill, based on the Housing Finance Reform and Taxpayer Protection Act of 2013, as well as a brief discussion of a new House of...more

Johnson and Crapo Release Housing Finance Reform Proposal

Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) recently released the highly anticipated text from their housing finance reform proposal. As expected, the 442-page proposal—officially...more

New Bill Poised to Revamp Fannie Mae, Freddie Mac

Following months of negotiations that involved collaboration between Republicans and Democrats, Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) announced Tuesday that the Senate Banking Committee had reached an agreement on...more

Senate Banking Committee Leaders Reach Agreement on Housing Finance Reform

Yesterday, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced that they have reached a broad agreement to overhaul the housing finance market and wind down Fannie Mae and...more

Congresswoman Urges OCC to Scrutinize Mortgage Servicing Rights Sales to Nonbank Servicers

Congresswoman Maxine Waters, who serves as the ranking member on the House of Representatives Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency and the Office of Mortgage...more

President Releases FY 2015 HUD Budget

President Obama's fiscal year 2015 budget for the U.S. Department of Housing and Urban Development (HUD), released on March 4, 2014, increases funding for many programs compared to the fiscal year 2014 appropriation. It also...more

Senate Democrats Press FHFA On Housing Trust Fund

On January 24, Senators Warren (D-MA), Reed (D-RI), Boxer (D-CA), and 29 other Senate Democrats sent a letter to FHFA Director Mel Watt asking that he lift the suspension on funding for the National Housing Trust Fund (NHTF)...more

Senate tax reform proposals: “chilling effect” on real estate industry

A tax reform proposal released by the Senate Finance Committee would have a major impact on the real estate industry, according to comments submitted to the committee by a number of industry groups. If enacted in their...more

CFPB Director Defends Mortgage Rules, Discusses Plans In Other Markets

On January 28, the House Financial Services Committee held a lengthy hearing with CFPB Director Richard Cordray in connection with the CFPB’s November 2013 Semi-Annual Report to Congress, which covers the period April 1, 2013...more

Bipartisan Group Of House Members Ask FHFA To Allow Use Of Alternative Credit Scores

On January 9, Representatives Ed Royce (R-CA), Jim Himes (D-CT), Spencer Bachus (R-AL), and Carolyn Maloney (D-NY) petitioned FHFA Director Mel Watt to expeditiously direct Fannie Mae and Freddie Mac to revise their...more

House Financial Services Subcommittee Holds Hearing on How QM Harms Homeowners

On January 14, 2014, the House Subcommittee on Financial Services held a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.” Four lender representatives and one...more

House Financial Services Committee to hold hearing on QM rule

The House Financial Services Committee has announced that on Tuesday, January 14, it will hold a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.”...more

Senate Confirms FHFA Director; FHFA Announces Senior Staff, Organizational Change

On December 10, the U.S. Senate voted to confirm Representative Mel Watt (D-NC) to serve as Director of the FHFA. Once sworn in, Mr. Watt will replace Edward DeMarco, who has led the agency on an “acting” basis for more than...more

Texas Reverse Mortgage Constitutional Amendment Takes Effect

On November 22, an amendment to the Texas constitution took effect to permit the use of a reverse mortgage for the purchase of a homestead property. The amendment was approved by Texas voters on November 5. ...more

U.S. House of Representatives Oversight and Investigations Subcommittee Examines Disparate Impact Theory in Fair Housing and...

On November 19, 2013, the Oversight and Investigations Subcommittee of the U.S. House of Representatives Committee on Financial Services conducted a hearing titled "A General Overview of Disparate Impact Theory." Under the...more

FIO Focus - November 2013, Issue 43

On November 19, 2013, the House Financial Services Subcommittee on Oversight and Investigations held a hearing entitled "A General Overview of Disparate Impact Theory." The hearing covered the use of disparate impact...more

Proposed Legislation Would Curb JP Morgan’s Potential Multi-Billion Dollar Tax Windfall

Late last month, we commented on JP Morgan Chase’s $5.1 billion settlement with the Fair Housing Financing Agency (FHFA), as conservator of Fannie Mae and Freddie Mac. The Wall Street Journal has since reported that JP Morgan...more

CFPB Director Testifies Before Senate Banking Committee

On November 12, CFPB Director Richard Cordray testified before the Senate Banking Committee in connection with the CFPB’s recent Semi-Annual Report to Congress, which covered the period April 1, 2013 through September 30,...more

Cordray reaffirms CFPB regulatory approach

As a follow-up to our recent post on Director Cordray’s plans on whether to pursue political office, we offer the highlights below from last week’s Politico Morning Money Breakfast Briefing. During the event, Politico Chief...more

Capital Thinking: Financial Services

Over One Hundred Congressmen Ask for New Mortgage Rules to be Delayed - On November 5, 118 House members, including 112 Republicans and six Democrats, sent a letter to Consumer Financial Protection Bureau (CFPB)...more

Financial Services Legislative and Regulatory Update -- November 11, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Last week ended with a stronger than expected jobs report at plus...more

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