Posted To: Pipeline Press

In case you haven’t heard, the Supreme Court ruled that a U.S. president can remove the head of Federal Housing Finance Agency, in this case, Mark Calabria (who has his thoughts on the decision ). Plenty of lenders ask, “What now? Who will replace him, perhaps an economist who knows our business? And when will some of the measures Director Calabria put in place be rolled back?” There are some who will tell you that anything put in place by him can be scaled back or eliminated but anything in conjunction with other entities, like the U.S. Treasury, will take some time to change. (It is thought that Director Calabria pretty much wrote the January stock amendment, and the Treasury put a rubber stamp on it. This Amendment launched the NOO/2nd home caps, which have since caused…(read more)

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Source: Mortgage News Daily