Tuesday, February 13, 2018 12:46:31 PM
No More GSE Money for Affordable Housing
Treasury Wants to ‘Right Size’ Federal Housing Programs
Cuts in Store for the CFPB ?
February 13, 2018... By Paul Muolo ... pmuolo@imfpubs.com
The new Trump budget is pretty much a wipeout for Fannie Mae, Freddie Mac and their supporters.
(lol ... Hack reporter - what's that supposed to mean ? )
The White House wants to increase a 10 basis point “tax” on the mortgage industry (passed onto their customers, obviously) that was incorporated to pay for a past cut in the federal payroll tax. The White House proposes increasing the 10bp charge – in the form of Fannie/Freddie guarantee fees – to 20 basis points and extending it to 2023…
As reported by Inside Mortgage Finance Monday morning, the White House also wants to eliminate the GSEs’ contribution to the National Housing Trust Fund, which helps finance the construction of affordable housing…
( you really think that's gonna happen ??? )
Meanwhile, the Treasury Department, in its new strategic plan, notes the GSEs have been in conservatorship for nine years. (Actually, it’s almost 9.5 years.) Treasury, which controls the fate of the GSEs through its ownership of their senior preferred shares, notes: “Taxpayers continue to stand behind their obligations through capital support agreements while there is no clear path for the resolution of their conservatorship.
The GSEs, combined with federal housing programs such as those at the FHA and the Department of Veterans Affairs, support more than 70 percent of new mortgage originations. Changes should encourage the entry of greater private capital in the U.S. housing finance system.
(which means THEY AIN'T GOING ANYWHERE )
Resolution of the GSE conservatorships and right-sizing of federal housing programs is necessary to support a more sustainable U.S. housing finance system.”
The Trump budget document also desires to bring fiscal discipline to the Consumer Financial Protection Bureau, an independent government agency that comes under the purview of the Federal Reserve. The White House wants to cap the agency’s budget at $485 million for fiscal year 2019, an amount equivalent to 2015 FY funding levels. For more on the story, see the upcoming edition of Inside the CFPB.
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