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FHFA Director to Testify at Senate Banking Committee Hearing

first_imgHome / Daily Dose / FHFA Director to Testify at Senate Banking Committee Hearing November 18, 2014 775 Views Tagged with: Congress FHFA Housing Market Senate Banking Committee Servicers Navigate the Post-Pandemic World 2 days ago Federal Housing Finance Agency (FHFA) director Mel Watt will testify before the Senate Committee on Banking, Housing, and Urban Affairs in an open session on Wednesday, November 19.Wednesday will mark Watt’s first time to testify before the Senate Banking Committee since he was appointed director of the FHFA in January. The subject of the hearing will be “The Federal Housing Finance Agency: Balancing Stability, Growth, and Affordability in the Mortgage Market.” The meeting is scheduled to take place from 10 a.m. to 12 noon eastern standard time and will be webcast live on the Senate Banking Committee’s web site.Watt has sparked controversy in recent months by announcing the FHFA’s intention to expand the credit box by loosening the tight lending standards for obtaining a mortgage loan in an attempt to resuscitate the struggling housing market six years after the market collapsed. Critics say that the type of lending Watt is encouraging is what caused the housing market to crash in the first place back in 2008.Financial regulators have already finalized an overhaul of the mortgage lending rules that would lower the required traditional down payment for a mortgage loan from 20 percent to 3 percent. Advocates of the lower down payment contend that it will make homeownership affordable for many who would otherwise take years to save for a 20 percent down payment, while critics say the lower down payment will result in bigger losses for banks if the loans default.Prior to the open session on Wednesday, the Committee will meet in executive session to discuss the nominations of Lourdes Maria Castro Ramirez as assistant secretary of Housing and Urban Development and Therese W. McMillan as federal transit administrator for the U.S. Department of Transportation. Both nominees are from California. Congress FHFA Housing Market Senate Banking Committee 2014-11-18 Brian Honea Related Articles Previous: DS News Webcast: Tuesday 11/18/2014 Next: Superior Home Services Names New Assistant VP of Insurance Operations Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Sign up for DS News Daily About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save in Daily Dose, Featured, Government, Newscenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago FHFA Director to Testify at Senate Banking Committee Hearing Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

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