FHFA

STATEMENT BY THE NATIONAL ASSOCIATION OF REAL ESTATE BROKERS PRESIDENT COURTNEY JOHNSON ROSE

Retrieved on: 
Monday, September 25, 2023
Housing, Fannie Mae, FHFA, Estate agent, National Association of Real Estate Brokers, American Dream, NAREB, Freddy, Federal Reserve Bank, Government, Pain, Organization, Civil Rights Act of 1968, Fannie, Federal Housing Finance Agency, Federal Housing Administration, G.I. Bill, Freddie Mac, Federation, GI Bill Tuition Fairness Act of 2013, National Association, White, Government-sponsored enterprise

WASHINGTON, Sept. 25, 2023 /PRNewswire/ -- The National Association of Real Estate Brokers (NAREB) strongly supports the Federal Housing Finance Agency's (FHFA) proposed rule strengthening and codifying the equitable housing finance plans submitted by mortgage giants Fannie Mae and Freddie Mac and the agency's other measures addressing racial disparities in homeownership. These plans are one of the federal government's most effective methods of increasing homeownership for families of color and expanding their opportunities for affordable rental housing. Under the proposed rule, Fannie's and Freddie's fair lending and fair housing functions and equitable housing finance plans become statutory requirements. Further, their operations will receive clearer and more appropriate oversight, compliance, and enforcement.

Key Points: 
  • Under the proposed rule, Fannie's and Freddie's fair lending and fair housing functions and equitable housing finance plans become statutory requirements.
  • These measures are necessary to address decades of racially biased public policies and private practices aimed at preventing Blacks from becoming homeowners.
  • In 2019, the median wealth for White households was $188,200, compared to $24,100 for Black and $36,100 for Hispanic households.
  • (For print or broadcast interviews with NAREB President Courtney Johnson Rose, contact Michael Frisby, [email protected] /202-625-4328.)

The National Association of Mortgage Brokers Supports the Federal Housing Finance Agency's Decision to Postpone the Implementation of the Planned Transition to A Bi-Merge Model

Retrieved on: 
Thursday, September 14, 2023
Education, Fannie Mae, FHFA, Mortgage broker, Human, California v. Federal Housing Finance Agency, Freddie Mac, Federal Housing Finance Agency, National Association, Social media, Real estate

WASHINGTON, Sept. 14, 2023 /PRNewswire-PRWeb/ -- The National Association of Mortgage Brokers (NAMB) applauds the Federal Housing Finance Agency's (FHFA) recent decision to postpone the implementation of the planned transition to a bi-merge model. The FHFA will allow time for additional public engagement to facilitate the transition to the proposed credit score models and credit report requirements for loans acquired by Fannie Mae and Freddie Mac.

Key Points: 
  • "We appreciate the FHFA's decision to allow for more engagement on the bi-merge transition.
  • The National Association of Mortgage Brokers has been the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973.
  • NAMB provides mortgage professionals with advocacy, education, and rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
  • NAMB's active lobbying and advocacy efforts focus on national and state issues, protecting the interests of its members and borrowers.

KBRA Releases Research – FHFA’s Credit Score Proposal and Its Impacts on RMBS

Retrieved on: 
Tuesday, September 5, 2023
Consulting, Banking, Professional Services, Finance, KBRA, EL, RMBS, Research, California v. Federal Housing Finance Agency, FHFA, Risk management, Bank

KBRA releases research to assess the potential impacts of the Federal Housing Finance Agency’s (FHFA) plans to shift the requirement of three credit reports (tri-merge) to two credit reports (bi-merge) for single-family loan acquisitions.

Key Points: 
  • KBRA releases research to assess the potential impacts of the Federal Housing Finance Agency’s (FHFA) plans to shift the requirement of three credit reports (tri-merge) to two credit reports (bi-merge) for single-family loan acquisitions.
  • To do so, KBRA conducted an analysis that utilized data compiled from KBRA-rated RMBS 2.0 transactions.
  • Finally, KBRA’s analysis looks directly at the potential impact to loss estimation for RMBS pools—estimating the likelihood of a more meaningful impact to loss estimation in general and across RMBS pool types and sizes.
  • When comparing the bi-merge (average) and the tri-merge, KBRA-defined measures of difference and variance were found to be close to zero across KBRA’s study population, in aggregate.

Bernstein Litowitz Berger & Grossmann Achieves Significant Trial Victory in Helping Fannie Mae and Freddie Mac Shareholders Recoup $612 Million in Class Action Against U.S. Federal Housing Finance Agency

Retrieved on: 
Tuesday, August 15, 2023
Class Action Lawsuit, Professional Services, Legal, Grant & Eisenhofer, Fannie Mae, FHFA, BLB, Treasury, District court, Office of the Supervising Architect for the U.S. Treasury, Freddie Mac, Federation, Grant, Douglas v. U.S. District Court ex rel Talk America, Security (finance), Freddy

Bernstein Litowitz Berger & Grossmann acted on behalf of preferred shareholders of both Fannie Mae and Freddie Mac and common shareholders of Freddie Mac, in tandem with co-counsel Boies Schiller Flexner, Kessler Topaz Meltzer & Check, and Grant & Eisenhofer.

Key Points: 
  • Bernstein Litowitz Berger & Grossmann acted on behalf of preferred shareholders of both Fannie Mae and Freddie Mac and common shareholders of Freddie Mac, in tandem with co-counsel Boies Schiller Flexner, Kessler Topaz Meltzer & Check, and Grant & Eisenhofer.
  • “We are thankful for the jury’s tremendous public service and grateful for their verdict,” said BLB&G Trial Counsel Robert Kravetz.
  • The parties still await a ruling from Judge Royce Lamberth on the issue of pre-judgment interest for the Fannie Mae preferred shares.
  • The case is In re: Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations, No.

Broad Coalition of Housing Providers and Lending Associations Warns FHFA Against Rent Control

Retrieved on: 
Thursday, August 10, 2023
Public Policy, Government, Construction & Property, White House, Federal Government, State, Local, Other Policy Issues, Urban Planning, Other Construction & Property, Residential Building & Real Estate, Freddie Mac, Policy, Federal Housing Finance Agency, Research, Housing, Investment, Fannie Mae, GSE, FHFA, Property management, Renewable energy, Renting

Eighteen associations representing housing providers, lenders and residents today sent a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson warning that mandatory rent control and rent stabilization policies will increase rents, reduce the capital needed to boost the supply of housing, and ultimately hurt current and future renters.

Key Points: 
  • Eighteen associations representing housing providers, lenders and residents today sent a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson warning that mandatory rent control and rent stabilization policies will increase rents, reduce the capital needed to boost the supply of housing, and ultimately hurt current and future renters.
  • Rent stabilization disincentivizes rental multifamily housing investments across markets, particularly in communities of opportunity that already often have few affordable options.
  • Implementing rent control would be contrary to the goal and mission of Fannie Mae and Freddie Mac to creating more affordable housing opportunities for low- and moderate-income residents.
  • As FHFA considers policy reforms, rather than instituting counterproductive rent control measures, we strongly urge the agency to expand programs that increase the supply of housing, lower housing costs and enhance housing equity and availability.

CAI, TRADE GROUPS DEMAND TRANSPARENCY, CHANGES IN NEW CONDO LENDING REQUIREMENTS

Retrieved on: 
Monday, June 26, 2023
CAI, Maintenance, Housing, Fannie Mae, NAR, FHFA, CHLA, Policy, Public policy, Organization, National Association of Realtors, Community Associations Institute, Risk, Freddie Mac, Federal Housing Finance Agency, National Association, Letter, California v. Federal Housing Finance Agency, Church, Real estate, Property management, Surfside condominium collapse

Under FHFA’s conservatorship, Fannie Mae and Freddie Mac are set to release permanent guidelines that have been developed in secret with no public comment process.

Key Points: 
  • Under FHFA’s conservatorship, Fannie Mae and Freddie Mac are set to release permanent guidelines that have been developed in secret with no public comment process.
  • “We are requesting transparency in the process of developing the final guidelines for condominium and housing cooperative lending requirements,” write the three trade groups in the letter.
  • CAI developed a guidance document to help homeowner leaders and community managers navigate the current lending requirements in their communities.
  • More information and resources related to condominium safety, as well as CAI’s Condominium Safety Public Policy Report, can be found at www.condosafety.com .

The National Association of Mortgage Brokers Supports H.R.3564, Middle Class Borrower Protection Act of 2023

Retrieved on: 
Wednesday, June 7, 2023
DTI, FHFA, California v. Federal Housing Finance Agency, Policy, Mortgage broker, GAO, Federal Housing Finance Agency, National Association, House, Real estate

WASHINGTON, June 7, 2023 /PRNewswire-PRWeb/ -- The National Association of Mortgage Brokers (NAMB) announces its support of H.R. 3564, the Middle - Class Homeowners Protection Act of 2023. The measure will repeal the recently enacted Loan Level Pricing Adjustments (LLPA) fee increases and reinstate the LLPA fee structure in effect prior to May 1, 2023. It would also institute a temporary LLPA fee change freeze pending a GAO review. The bill directs GAO to review the process FHFA uses to set LLPA fees, makes future LLPA fee changes subject to a standard notice and comment procedure, requires future conservator-mandated LLPA fee changes to be risk-based, and prohibits the imposition of any new LLPA fees based on the debt to-income (DTI) ratio of borrowers.

Key Points: 
  • New legislation would repeal the recently enacted Loan Level Pricing Adjustments (LLPA) fee increases and reinstate the LLPA fee structure in effect prior to May 1, 2023
    WASHINGTON, June 7, 2023 /PRNewswire-PRWeb/ -- The National Association of Mortgage Brokers ( NAMB ) announces its support of H.R.
  • 3564, the Middle - Class Homeowners Protection Act of 2023 .
  • The measure will repeal the recently enacted Loan Level Pricing Adjustments (LLPA) fee increases and reinstate the LLPA fee structure in effect prior to May 1, 2023.
  • It would also institute a temporary LLPA fee change freeze pending a GAO review.

VantageScore® Credit Score Usage Up 30% in 2022

Retrieved on: 
Thursday, June 1, 2023
ALL, Fannie Mae, FHFA, AND, CRA International, SAN, Freddie Mac, USE, Growth, Research, Bank, VantageScore

SAN FRANCISCO, June 1, 2023 /PRNewswire/ -- VantageScore credit score usage grew among financial institutions, including banks, fintechs, and other market participants by 30% in 2022 to over 19 billion credit scores.

Key Points: 
  • SAN FRANCISCO, June 1, 2023 /PRNewswire/ -- VantageScore credit score usage grew among financial institutions, including banks, fintechs, and other market participants by 30% in 2022 to over 19 billion credit scores.
  • "VantageScore usage grew among financial institutions (banks, fintechs, and other market participants) by 30% in 2022."
  • Overall, VantageScore credit score use was nearly equally balanced between financial institutions (46%) and non-financial institutions (53%) in 2022.
  • Usage by banks and thrifts increased by 13.5% and usage by credit card issuers increased by over 18%.

Freddie Mac’s 2023 Equitable Housing Finance Plan Builds on Year One Achievements

Retrieved on: 
Wednesday, April 5, 2023
Plan, Employment, Housing, LPA, Education, FMCC, FHFA, Senior counsel, Secondary suite, Curriculum, OTCQB, Rehabilitation, Research, History, DPA, Thought, Freddie Mac, SPCP, Real estate, Bank, Renewable energy, Freddy

The Plan is an important component of Freddie Mac’s mission-driven efforts to expand affordable housing and improve outcomes for renters and borrowers in all communities.

Key Points: 
  • The Plan is an important component of Freddie Mac’s mission-driven efforts to expand affordable housing and improve outcomes for renters and borrowers in all communities.
  • The updates to the Plan contain adjustments and enhancements to activities that advance equitable and sustainable housing and rental opportunities while preserving safety and soundness.
  • Under the Plan, Freddie Mac will continue purchasing loans originated through both lender SPCPs and its own SPCP, BorrowSmart AccessSM.
  • “Our 2023 Plan incorporates new thinking and lessons learned to ensure we are as effective and impactful as possible.”
    Freddie Mac’s Equitable Housing Finance Plan includes a series of actions to advance equity in both the single-family and multifamily housing markets.

ASA Releases Op-Ed Discussing FHFA's Allowing Fannie Mae to Expand its Appraisal Waiver Program

Retrieved on: 
Thursday, April 6, 2023
ASA, Housing, Bias, Interview, Fannie, Fannie Mae, JD, FHFA, Real estate, Industrial design

HERNDON, Va., April 6, 2023 /PRNewswire/ -- ASA has released an op-ed criticizing FHFA's decisions to allow Fannie Mae to expand its appraisal waiver program.

Key Points: 
  • HERNDON, Va., April 6, 2023 /PRNewswire/ -- ASA has released an op-ed criticizing FHFA's decisions to allow Fannie Mae to expand its appraisal waiver program.
  • Authored by John D. Russell , JD, Strategic Partnership Officer for ASA, the piece addresses Fannie's search for a more automated future and its potential impact on housing finance, especially the absence of consumer protection in the homebuying process.
  • The op-ed moves on to discuss issues related to bias and discrimination, as well as the overarching need for a human role in homebuying.
  • For interview requests with John D. Russell, please contact ASA at (703) 733-2103 or [email protected] .