Fannie Mae (FNMA)

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Short Takes: House GSE Bill Due by Mid-March ?

Providing Technical Assistance: the Staff of the FHFA

Time for a Pay Raise for Layton and Mayopoulos ?

Hiring Underwriters from Wells Fargo

CFPB’s Mulvaney to Yellen: I Don’t Need Your Money (Right Now)

Jan 18, 2018 By Paul Muolo, Thomas Ressler ...



We still don’t know when exactly the Senate Banking Committee will introduce its GSE reform bill, but industry lobbyists tracking the action anticipate that the House Financial Services Committee will produce its version by mid-March. We’re told that HFSC Chairman Jeb Hensarling, R-TX, is pushing for the “Ginnie Mae” guarantor model. For more details, see the Friday edition of Inside MBS & ABS…

In his letter this week to Sens. Mike Crapo, R-ID, and Sherrod Brown, D-OH, GSE regulator Mel Watt noted that the Federal Housing Finance Agency is providing “technical assistance” to members of the committee who are working on GSE reform…

Here’s one question that’s popped up regarding reform: If a bill does not get signed into law this year, how much longer will the CEOs of Fannie Mae and Freddie Mac stick around? Both earn less than $700,000 a year and haven’t had pay raises in quite some time. But they manage financial institutions that are bigger than many banks and thrifts. And both GSEs are wildly profitable…

A few months back, it was hard to find good mortgage underwriters to hire, but thanks to the slowdown in applications, more resumes are showing up at certain shops on the West Coast. One lender told IMFnews he recently hired four underwriters who worked at Wells Fargo…

CFPB WATCH: Acting agency Director Mick Mulvaney on Wednesday asked Federal Reserve Chair Janet Yellen to make a quarterly appropriation to the bureau of exactly zero dollars for the upcoming quarter, largely a symbolic gesture to contrast with his predecessor, who routinely asked for tens or hundreds of millions of dollars. Mulvaney’s ostensible rationale for the departure is that the CFPB has a reserve fund of $177.1 million, in excess of the $145 million in expenses projected for the second quarter of Fiscal Year 2018. But some observers see the move as Mulvaney posturing as a fiscal conservative, and perhaps to throw some dirt on the political prospects of former CFPB Director Richard Cordray, who is running for governor of Ohio.