Jerry Reed, chief lending officer from the $5.3 billion Alaska USA FCU, told lawmakers during a June 18 hearing on the Consumer Financial Protection Bureau’s qualified mortgage rule that products and product features were responsible for the mortgage market meltdown, not underwriting standards.
Senate gets measure Tuesday that would shut down Fannie Mae, Freddie Mac and FHFA within five years and create new corporation similar to FDIC.
WASHINGTON — Alaska USA FCU's chief lending officer talks CFPB qualified mortgage rule fears with House panel.
Survey also finds that more than one-third of credit unions originated mortgages in 2012 that would not fit under new rule.
Panel to take up housing finance reform with a focus on private investments.
FHFA said the GSEs will generally not buy loans that don't meet the CFPB's new "ability to repay rule."
North Carolina congressman's nomination to FHFA top spot prompts careful comments from trades.
Media sources report that Mark Zandi, chief economist at Moody's Analytics, is a lead contender to replace DeMarco.
Refinancing program had been scheduled to end at the end of 2013. Now gets two more years.
Borrowers relieved of requirement to document hardship or financial situation.