Patrick McHenry, R-NC, new chair of the House Financial Services Committee, is viewed as a consensus-maker. But will his politics make it difficult to find common ground with the White House and Senate?
Upfront fees will decline for most low-income borrowers, but will increase for some middle-income homebuyers. The result is more cross-subsidy for the GSEs’ mission-based activities.
The Federal Housing Finance Agency will eliminate certain upfront loan-level price adjustments while implementing “targeted” increases for most cash-out refinance transactions. The agency also approved two new credit scoring models for Fannie and Freddie.
The private pow-wow revealed broad agreement between government, industry and advocacy groups on how to deal with the nation’s affordable housing shortage.
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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