BOSTON — The Consumer Financial Protection Bureau’s qualified mortgage rule that limits closing costs to 3% of the loan balance will have such a big impact on Midwestern credit unions, one Minnesota-based executive said he’d lose money if he complied.
Bill rolled out by House GOP last week would eliminate Fannie and Freddie and modify qualified mortgage regulations.
Thursday hearing will focus on secondary mortgage market reform bill.
Trade group says it does have some concerns while California Democrat says bill is partisan ideology and another attack on middle class.
GOP-backed measure would create the "National Mortgage Market Utility" regulated by FHFA.
BOSTON — Minnesota CEO Jeff Schwalen says he loses money on smaller mortgages because of 3% closing costs limit.
Tim Mislansky, a leading executive in credit union housing finance, has started a blog aimed at helping credit unions offer mortgage loans.
FHFA says more than 2.5 million housing finance loans have now been done through HAP since 2009.
During his June 27 confirmation hearing, NCUA Board nominee Richard Metsger dodged what might have been his most controversial question. Is raising the member business lending cap a good idea?
Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.) introduced legislation June 26 that would reform America’s housing finance system by replacing the government-sponsored enterprises Fannie Mae and Freddie Mac with a privately capitalized system.