Fannie Mae and Freddie Mac will not exit federal conservatorship under the Trump Administration; the Federal Housing Finance Agency will leave that decision to the Biden Administration, FHFA said Thursday.
Tag: Steven Mnuchin
MBA, Trade Groups Urge Treasury to Promote ‘Critical Reforms’ of GSEs
More than 12 years after the federal government placed Fannie Mae and Freddie Mac under conservatorship—and seemingly no closer to moving them out of conservatorship—the Mortgage Bankers Association and several industry trade groups urged the Treasury Department to promote “critical reforms” of the GSEs and bolster their safety and soundness.
MBA Asks Small Business Administration to Relax Eligibility Rules for PPP Loans
The Mortgage Bankers Association, in a letter last week to the Treasury Department and the Small Business Administration, asked SBA to relax a part of its eligibility rule so that small independent mortgage banks can qualify for loans under Section 7(a) of the recently approved Paycheck Protection Program.
Senators Up Pressure on Administration to Provide Liquidity Facility
A bipartisan group of senators joined the Mortgage Bankers Association in raising concerns with the Trump Administration to provide urgent action to avoid a critical strain on liquidity for certain home mortgage servicers.
FDIC Chair Calls for FASB to Delay CECL Rule Amid Pandemic
Federal Deposit Insurance Corp. Chair Jelena McWilliams, in a Mar. 19 letter to the Financial Accounting Standards Board, urged FASB to delay or postpone implementation of its current expected credit losses accounting rules.
Financial Stability Oversight Council Annual Report Describes ‘Emerging Threats’ to U.S. Financial Stability
The Financial Stability Oversight Council issued its 2019 Annual Report, which outlines “significant financial market and regulatory developments” and “potential emerging threats to U.S. financial stability.”