More on Housing
by Phil Mattingly
Congressional Republicans criticized what they termed a lack of detail in the Treasury Department's plan to overhaul mortgage finance while saying they would use the report as a starting point for debate over legislation.
The proposal delivered to Congress today by Treasury Secretary Timothy F. Geithner and Shaun Donovan, the secretary of the Department of Housing and Urban Development, would have the government shrink "and ultimately wind down" mortgage firms Fannie Mae and Freddie Mac under three possible scenarios.
by Zachary A. Goldfarb & Brady Dennis
The Obama administration's plan to overhaul the U.S. housing market drew fire Friday from some of the president's traditional allies, who argued that proposals in the newly released report could make it too costly for many Americans to buy a home.
But while consumer and civil rights groups broke with President Obama over the long-awaited white paper, the plan met with little objection - and even praise - from Republicans, who have pilloried the administration over its housing policies.
Congresswoman Maxine Waters (D-Calif.), the Ranking Member on the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, released the following statement today after the Obama Administration unveiled its plan, "Reforming America's Housing Finance Market":
"I appreciate that the Administration has presented Congress with a report that at least provides a framework and a starting point for us to begin to fix the housing industry in this country, which we all agree needs reform.
by Ron Orol
The White House may move ahead without congressional approval on proposals to reform the government-controlled housing giants Fannie Mae and Freddie Mac, including raising the fees charged for guaranteeing credit risk.
by Alan Fram
Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, delivered the following opening remarks during a hearing on "GSE Reform: Immediate Steps to Protect Taxpayers and End the Bailout" today:
"Thank you, Mr. Chairman, for organizing this first hearing of the Subcommittee on Capital Markets and Government Sponsored Enterprises during the 112th Congress.
by Kenneth J. Cooper
Since the housing market collapsed, mortgage lending to African-Americans and Hispanics has plunged precipitously—by more than 60 percent, according to a new study of loan information that banks submit to the federal government.
By Jon Prior
The Mortgage Bankers Association and Rep. Maxine Waters (D-Calif.) thanked the Federal Reserve for delaying three new rule proposals  Tuesday under Regulation Z.
The Fed was granted rulemaking authority under Reg Z, which took affect over the weekend and proposed the rules last year to clarify mortgage disclosures under Truth in Lending Act. The Fed said it delayed finalizing the rules, because the Consumer Financial Protection Bureau is required to review and possibly revise them again once it opens in July.
Congresswoman Maxine Waters (D-Calif.) issued the following statement today:
"I was pleased to learn today that the Federal Reserve has decided to table two proposed regulations contained within FRB Docket No. R-1390 that would have been extremely harmful to American consumers.
Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Financial Services Capital Markets and GSEs Subcommittee, offered the following opening remarks today at a full committee hearing entitled ‘Promoting Economic Recovery and Job Creation: The Road Forward.'