FHFA: Enterprise Capital Rule Will Be Re-Proposed in 2020
Today, the Federal Housing Finance Agency (FHFA) announced plans to re-propose the entire regulation on capital requirements (Capital Rule) for Fannie Mae and Freddie Mac (the Enterprises) sometime in 2020. “The 2018 Capital Rule was proposed before FHFA began the process of retaining capital at the Enterprises as a first step toward ending the conservatorships….
FHFA: 2019 Performance and Accountability Report Released
The Federal Housing Finance Agency (FHFA) today released its Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2019. For the eleventh consecutive year, FHFA received an unmodified audit opinion on its FY…
FHFA: Deadline Extended for Input on Fannie Mae and Freddie Mac UMBS Pooling Practices
The Federal Housing Finance Agency (FHFA) today announced that it will extend, from Dec. 19. 2019 to Jan. 21, 2020 the deadline for interested parties to provide input on potential changes to Fannie Mae and Freddie Mac Uniform Mortgage-Backed Security (UMBS) pooling practices. FHFA announced on Nov. 4, 2019 that it was seeking input on the Enterprises’…
HUD: FHA Releases 2019 Annual Report to Congress
MMI Fund Capital Ratio continues to exceed the statutory minimum – strongest since 2007 The Federal Housing Administration (FHA) today released its 2019 Annual Report to Congress on the economic condition of the agency’s Mutual Mortgage Insurance Fund (MMI Fund). FHA reports that at the end of Fiscal Year (FY) 2019, The FHA MMI Fund Capital Ratio…
FDIC: Three Reports Analyzing Growth of Nonbank Lending Released
Decades-long shifts reported in corporate and mortgage loans between banks and nonbanks The Federal Deposit Insurance Corporation (FDIC) today released a multi-part analysis of changes in the U.S. banking system since the 1950s, especially changes occurring since the financial crisis in 2008. These analyses address the shift in some lending from banks to nonbanks; how…
HUD: Justice Department and HUD Sign Interagency Memorandum on the Application of the False Claims Act
Agreement Fulfills Key component of HUD Housing Finance Reform Plan U.S. Housing and Urban Development Secretary Ben Carson and U.S. Attorney General William Barr today issued a Memorandum of Understanding (MOU) between the two agencies that sets prudential guidance on the appropriate use of the False Claims Act (FCA) for violations by Federal Housing Administration…
FHFA: New Strategic Plan and Scorecard Released for Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) today released a new Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac and a new 2020 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions. The Strategic Plan provides a framework for how FHFA will guide Fannie Mae and Freddie Mac (the Enterprises) to fulfill…
CFPB: Agency Issues Final HMDA Rule to Provide Relief to Smaller Institutions
The Consumer Financial Protection Bureau (Bureau) today issued a rule which finalizes certain aspects of its May 2019 Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act (HMDA). It extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA. The rule also clarifies partial…
OCC: Mortgage Performance Slightly Improved in Second Quarter 2019
The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the second quarter of 2019. The OCC Mortgage Metrics Report, Second Quarter 2019 showed 96.1 percent of mortgages included in the report were current and performing at the end of the quarter,…
FHFA: Agency Instructs Federal Home Loan Banks to Begin Transitioning Away from LIBOR
Today, FHFA sent a letter to the 11 Federal Home Loan Banks instructing them that, as of December 31, 2019, they should stop purchasing investments in assets tied to LIBOR with a contractual maturity beyond December 31, 2021. As of March 31, 2020, the Federal Home Loan Banks should no longer enter into all other LIBOR-based transactions involving advances, debt,…