OIG auditors were able to access the IT accounts of 179 agency employees, including one “privileged user,” who were still using the default passwords to protect their computers and accounts.
The FHFA watchdog said the Division of Home Loan Bank Regulation should provide more explicit guidance on how the FHLBanks coordinate with other regulators.
Senate Democrats note that FHLBank Boston CEO Timothy Barrett received $3.1 million in compensation last year while the bank contributed just $2 million to its affordable housing program.
FHFA’s recent decision to waive loan-level price adjustments for the low-income financing programs of the GSEs means that borrowers can sometimes get lower interest rates through HomeReady and Home Possible than they can using traditional GSE financing.
Housing finance aficionados may doubt Fannie and Freddie will ever exit conservatorship, but that doesn’t stop them from telling you what that exit would look like.
The Federal Home Loan Banks as well as credit unions argue the FHLBanks’ mission was established by Congress, so only Congress can change it. Consumer advocates, meanwhile, are happy with the Federal Housing Finance Agency’s effort to redefine the mission.
Former Freddie CEO Don Layton said the pilot’s only connection to housing is that some of the homeowner’s equity is used as collateral for the new second.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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