|
New House Proposal on Evolution of the Secondary Mortgage Market
The Chairman of the House committee that has been most active in the proposed dismantling of Freddie Mac and Fannie Mae has released his proposal to reform the secondary mortgage market. Rep. Scott Garrett (R-NJ) who heads the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises said his proposal intends to ensure robust private investment in the market without a government guarantee. His proposal would also abolish the risk-retention or so-called "skin-in-the-game" provisions of the Dodd-Frank Financial Reform Act.
READ MORE >> |
|
MBA 2012 Projection: Slow Growth in Purchase Originations, Drop in Refinancing, Weak Overall Economic Growth
Chicago, IL (October 11, 2011) - The Mortgage Bankers Association (MBA) expects to see mortgage originations fall from an estimated $1.2 trillion in 2011 to $900 billion in 2012. The drop will be driven by a significant decline in refinance originations, while purchase originations will increase only slightly. The economy will see another year of anemic growth in 2012, and then will grow somewhat faster in 2013. Refinance originations are expected to fall despite low mortgage rates as economic uncertainty lingers and fewer eligible borrowers remain.
|
|
40 Years of the FCRA: Where it's been and where it's headed
In July 2011 the Federal Trade Commission (FTC) issued a staff report entitled, "Forty Years of Experience with the Fair Credit Reporting Act". The purpose of the report was and is to provide an overview of the agency's role in enforcing and interpreting the FCRA. The 100-plus page report also includes a section-by-section summary of the FTC's interpretations of the FCRA.
In the following article, we'll take a look back, and a look ahead, at the FCRA and how it impacts both consumers and credit reporting agencies (CRAs).
READ MORE >> |
