Republicans urge FHFA to crack down on Fannie, Freddie activities

House Republicans called on the director of the Federal Housing Finance Agency to bolster its oversight of Fannie Mae and Freddie Mac, urging the regulator to take more steps to ensure the government-sponsored enterprises do not overstep their legal bounds. The letter from House Republicans appeared to reference the GSEs’ equitable housing plans , announced last month, which had not yet undergone a full review by the FHFA.

READ MORE: Republicans urge FHFA to crack down on Fannie, Freddie activities

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Mortgage activity comes in lower for a second straight week

While there was an uptick in refinances, it was offset by a drop in purchase loans. The Market Composite Index dropped a seasonally adjusted 1.7% for the seven-day period ending July 8. Purchase applications for conventional and government loans continue to slug behind as consumers worry about the economy. The average loan size rose 1% compared to the prior week.?

Council of Federal Home Loan banks names CUNA exec as CEO

The trade organization announced that Ryan Donovan would serve as its new president and chief executive, finishing his term as executive vice president and chief advocacy officer at Credit Union National Association.?

Fannie and Freddie escalate nonperforming loan sales

The government-sponsored enterprises sold 30% of their nonperforming loan portfolio in 2021, the highest share ever. During 2020 and 2021, pandemic-related loss mitigation programs upped GSE's nonperforming loans to 208,147, with 175,065 units being delinquent between one and two years. So far, Fannie and Freddie have sold 154,972 NPLs with an unpaid principal balance of $18.7 billion.?

Mortgage credit declines for fourth straight month

Meanwhile, conventional offerings saw a rebound, as rate volatility continues to weigh on the market. The Mortgage Credit Availability Index, a measure of home-loan-product availability, decreased by 0.3%; a lowering of the index indicates a tightening in lending standards. The rate spike by the Feds helped drive down government MCAI, which tracks loans sponsored by the Federal Housing Administration, Department of Veterans, and U.S. Department of Agriculture.?

LoanDepot to cut 2,000 workers through the end of the year

The lender unveiled its Vision 2025 Plan on Tuesday, announcing it will spend about $34.5 million to $40.5 million in total pre-tax charges to trim payroll, shed real estate, reduce spending and restructure operations. The changes are expected to generate between $375 million to $400 million in annualized savings. The announcement comes as origination volumes are expected to drop further this year. By the end of 2021, 4,800 employees will have lost their jobs.

What higher rates, recession concerns mean for San Antonio homebuyers

Soaring prices are making it harder to buy a home in San Antonio’s housing market. Only about a quarter of renters can afford a house, compared to over a third a few months ago. Inflation and construction costs present challenges as prices rise while inventory is low.?

Free tool: 5 things you should know about the next generation of home buyers