fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107

APPLY NOW!

Mortgage Industry News

« Return to Mortgage Industry News

Proposed Rule to Require Gov't-Sponsored Agencies to Develop Contingency Plans

Thursday, December 24, 2020

The Federal Housing Finance Agency (FHFA) has released a notice of proposed rulemaking that would require Fannie Mae and Freddie Mac (the GSEs) to develop resolution plans. FHFA says these plans "would facilitate a rapid and orderly resolution should FHFA have to be appointed their receiver under the Housing and Economic Recovery Act of 2008." According to the press release, the proposal is designed to ensure the GSEs are prepared in the same way as financial institutions regulated by the Federal Reserve and the Federal Deposit Insurance Corporation to react to another adverse financial situation. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, larger institutions must submit living wills that detail how their core business lines would be maintained to prevent the kind of widespread disruption triggered by the failure of Lehman Brothers and Bear Stearns prior to the Great Recession.

 

Read Full Article

Testimonial

"I just wanted to take the time to write and let you know what a miracle worker you are. I never thought in a million years I would get approved to purchase a home but you did it and what a tough job you had. You came through for me and never gave up and I wanted you to know that I am truly grateful. Now I have a place that I can call my own for my daughter and me. Kim, I tell everyone I talk to if they are looking to refinance or purchase a home to call you and you'll get the job done. Thank you so much."
Kyle