David Stevens News
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A bipartisan group of U.S. senators is putting the final touches on a bill that would liquidate Fannie Mae and Freddie Mac and replace them with a government reinsurer of mortgage securities behind private capital.
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Fannie Mae is snatching potential profits away from mortgage lenders as it posts record earnings that are fueling industry concern the government-backed company is regaining its swagger even as lawmakers plot its demise.
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U.S. mortgage credit probably will get tighter as federal regulators continue working on new rules to govern housing finance, Mortgage Bankers Association President and Chief Executive Officer David Stevens said today.
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Six years after the start of the foreclosure crisis, American homeowners are paying their mortgages like the housing crash never happened.
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The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.
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Surging U.S. home prices could help shrink the Federal Housing Administration’s projected shortfall in President Barack Obama’s budget due on Wednesday.
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Minorities and the working class may find it harder to buy homes under a U.S. plan that would require larger down payments to qualify for lower-cost mortgages, according to lenders, consumer groups and lawmakers.
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Congress should give the Federal Housing Administration more power to adjust fees and recoup losses on bad loans, Commissioner David Stevens said.
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Increasing housing regulation may blunt the impact of Federal Reserve efforts to bolster the economy with low mortgage rates, said David Stevens, president of the Mortgage Bankers Association.
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British lawmakers pushed for three former top executives at HBOS Plc to be banned from working in the financial industry after their “self-delusion” led the lender to require a 28 billion-pound ($42 billion) rescue.
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