The bills with endorsements from the MBA marked up by a House committee didn’t garner support from Democrats, making it unlikely that they’ll be signed into law during the Biden administration.
Critics argue the new second mortgage program is another attempt by Freddie Mac to expand its footprint. But GSE insiders say it’s already allowed under its charter.
The Mortgage Bankers Association and the Community Home Lenders of America are on opposite sides of the debate about allowing the GSEs to waive the requirement for lender’s title insurance.
Regulators were aware that the three regional banks that failed last year had large amounts of uninsured deposits and high exposure to FHLBank advances.
The Federal Housing Finance Agency has long supervised the GSEs’ management of third-party risk from nonbank mortgage companies. But now for the first time it is examining nonbanks directly.
In granting the injunction decree, the court noted that there’s a “substantial likelihood” the trade associations will ultimately succeed in their challenge against the CRA overhaul.
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