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Stock Market & Financial Investment News

News Breaks
March 16, 2014
17:51 EDTFMCC, FNMASens. Johnson and Crapo release housing finance reform text
The Senate Banking Committee announced in a press release on its website that Senate Banking Committee Chairman Tim Johnson and Ranking Member Mike Crapo released the legislative text of the bipartisan housing finance reform agreement that they announced last Tuesday. The announcement said in part: "Senate Banking Committee Chairman Tim Johnson and Ranking Member Mike Crapo released the legislative text of the bipartisan housing finance reform agreement that they announced last Tuesday. That announcement sparked enthusiasm from the White House, Senators, Members of Congress and key stakeholders recognizing the agreement as a positive step forward in reforming our housing finance system. Chairman Johnson and Ranking Member Crapo plan to hold a committee markup in the coming weeks. They took rare action in releasing the text over the weekend in an effort to balance the Committee Members’ interests in having adequate time to review the legislation while advancing housing finance reform in a timely manner." “Chairman Johnson and I have produced a comprehensive, bipartisan plan that winds down these too-big-to-fail entities, protects taxpayers by putting strong capital in a first-loss position, and provides broad access to mortgages for eligible borrowers,” said Ranking Member Crapo. “There is broad support to fix our flawed housing system, and today’s actions are a strong step toward ending the status quo.” The press release continued: "The housing market accounts for nearly twenty percent of the American economy, so it is critical that we have a strong and stable system that is built to last. The status quo in which Fannie Mae (FNMA) and Freddie Mac (FMCC) remain in conservatorship is not a viable option for our nation’s housing finance system." Reference Link
News For FNMA;FMCC From The Last 14 Days
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April 17, 2015
16:40 EDTFMCC, FNMAEssent Group says well positioned under PMIERs
Essent Group (ESNT) reported that the Federal Housing Finance Agency publicly released the final Private Mortgage Insurer Eligibility Requirements. The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae (FNMA) and Freddie Mac (FMCC), and are designed to ensure that approved mortgage insurers maintain sufficient, high-quality assets to pay claims in a stressful environment. As of March 31, Essent had sufficient assets in its insurance companies to meet the total risk-based required asset amount of the final PMIERs as published. “We have been very supportive of the risk-based capital framework underlying the PMIERs and strongly believe that sound standards which are transparent and consistently enforced strengthen our industry,” said Mark Casale, Chairman and CEO. “Now that they are final, the PMIERs will serve as an important set of national standards that give industry counterparties more transparency into the claims paying capacity of private mortgage insurance companies, including Essent.” “Based in part on Essent’s strong capital levels and the exceptional credit quality of our portfolio,” Casale added, “we believe that Essent is well positioned under the PMIERs to continue to serve the growing demand for private mortgage insurance.”
16:16 EDTFMCCFreddie Mac says revised eligibility standards to promote counterparty strength
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