Government

Consumers' conservative financial behavior suggests modest economic growth for the remainder of the year, though the housing industry appears to be gaining momentum, according to Fannie Mae's Economic and Strategic Research Group's May 2015 Economic Outlook released Thursday.

The Federal Housing Finance Agency (FHFA) recently announced in a news release that Fannie Mae and Freddie Mac will issue new operational and financial eligibility requirements for all current and potential single-family mortgage sellers and servicers.

Moody’s Investors Service released a report called, “New TILA-RESPA Rule Will Heighten Possibility of Losses in US RMBS for Rule Violations” revealing that initial challenges for lenders to implement and comply with the new TILA-RESPA Integrated Disclosure (TRID) rule, along with the potential high costs of lenders who do not comply, raise the risk of losses for residential mortgage-backed security (RMBS) trusts.

In a combined session of the Federal Open Market Committee (FOMC) and the Board of Governors of the Federal Reserve System, the manager of the System Open Market Account (SOMA), a meeting was held today to discuss domestic and foreign financial market developments and the Federal Reserve’s Balance Sheet.

The U.S. House of Representatives Committee on Financial Services (FSC): Housing and Insurance Subcommittee held a hearing today called “The Future of Housing in America: Oversight of the Rural Housing Service,” according to a memorandum written by the FSC majority staff.

Freddie Mac released its U.S. Economic and Housing Market Outlook for May today, revealing that low mortgage rates kept affordability high in the first quarter of this year for buyers, but housing markets probably will see interest rates increase for the rest of the year.

In a joint announcement, the U.S. Census Bureau and HUD revealed new residential construction statistics for April 2015. This announcement included pertinent information on building permits, housing starts, and housing completions.

A press release from the Office of the Comptroller of the Currency (OCC) revealed its final rule integrating policies and procedures for corporate activities and transactions of national banks and federal savings associations. The OCC also is adopting amendments to update its rules for agency organization and function.

Former Federal Reserve chairman Ben Bernanke has voiced his displeasure with the provisions of a bi-partisan bill introduced in the Senate earlier this week that would limit the Fed's lending authority and end "too big to fail."

Chairman of the House Financial Services Housing and Insurance Subcommittee, Blaine Luetkemeyer (R-MO) held a hearing yesterday to analyze how proposed changes to the real estate process will affect lenders and consumers.