Citi’s Sandy Furlow will help Industrial Bank, a minority depository institution, build strong controls for its future growth within the mortgage business.
Federal agencies want servicers of government-backed mortgages to pause foreclosure proceedings when the homeowner’s application for relief under the Homeowner Assistance Fund is pending.
While the Federal Reserve intervened in the mortgage market to lower rates, lenders did not pass along all the savings to homebuyers, the former Freddie chief said.
Lenders argue the temporary measures adopted by Fannie and Freddie to promote condo safety unnecessarily raise costs for borrowers and present liability issues for HOAs and cooperatives.
Fannie joins Freddie in accepting attorney title opinion letters instead of title insurance. Industry observers said the new option will mostly impact refinances, not purchases.
Although Fannie Mae and Freddie Mac are animals of the secondary market, the FHFA director said they have programs that can increase the amount of housing available.
JPMorgan Chase has pledged $12 million over the next three years to help five nonprofits test how to increase homebuying and wealth building among Black, Hispanic and Latino households.
When it comes to guarantee fees, some industry participants say they don’t see much policy difference between current FHFA Acting Director Sandra Thompson and her predecessor, Mark Calabria.
Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
The 10-year Treasury rate is declining and the possibility of a recession is growing.
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