The U.S. Senate will seek again next week to confirm Democratic Representative Mel Watt to lead the federal agency that oversees government-chartered mortgage finance companies Fannie Mae and Freddie Mac, an aide said.
The first annual losses in U.S. government-backed mortgage bonds since 1994 are deepening as the dual threats of a new regulator and a Federal Reserve pullback leave buyers navigating around what JPMorgan Chase & Co. calls a modern-day Scylla and Charybdis.
Bank of America Corp. agreed to pay $404 million to Freddie Mac in a deal that caps the lender’s efforts to resolve repurchase claims from government-sponsored enterprises on mortgages sold before the financial crisis.
Heritage Action, the angry conservative id that has swallowed the Heritage Foundation (and much of the House Republican Conference) whole, just announced that it will treat Janet Yellen’s nomination for chairman of the Federal Reserve as a “key” vote. The designation is intended to pressure Republican senators, who presumably risk being labeled soft on monetarism if they vote to elevate Yellen.
During the 899 days he has waited for the Senate to vote on his nomination to a top job at the Environmental Protection Agency, Ken Kopocis has amassed compliments from Senate Republicans and a predecessor.
The Federal Housing Finance Agency could slow efforts to shrink Fannie Mae and Freddie Mac and boost aid to troubled borrowers if U.S. Representative Mel Watt is confirmed as the agency’s director early next month.