Government

On May 1st, the Home Valuation Code of Conduct (HVCC) is scheduled to take effect, mandating that all new loans sold to Fannie Mae and Freddie Mac comply with strict rules established to mitigate the risk assumed by the two GSEs.

The Mortgage Bankers Association (MBA) sent a proposal to House and Senate leaders last week calling for the establishment of a new federal regulatory framework for mortgage lending that the association says would better protect borrowers nationwide.

Minneapolis, Minnesota-based Wolters Kluwer Financial Services announced last week that the company is expanding the reach of its CompliSource solution to the community banking marketplace. The tool, which was previously only available to larger lenders, now offers community banks a means for managing state and federal compliance law governing consumer finance, indirect lending, and mortgage lending.

Freddie Mac is now offering Reverse REMIC Giant PC securities – a new mortgage-related security intended to provide additional liquidity to the U.S. residential mortgage market and give new options to investors.

President Barack Obama announced three new nominations for posts at the Department of Treasury over the weekend. He has selected Michael S. Barr as assistant secretary for financial institutions; Helen Elizabeth Garrett for assistant secretary of tax policy; and George W.

Mortgage giants Fannie Mae and Freddie Mac may soon have a new mission, according to a report published by _The Wall Street Journal:http://online.wsj.com/article_email/SB123837208039067699-lMyQjAxMDI5MzM4MDMzNzAyWj.

An alliance of Florida consumers, lenders, realtors, and builders said on Friday that they will aggressively petition state leaders to allow first-time home buyers to use the new $8,000 federal tax credit as upfront cash for a down payment – a move they say would spur Florida’s sluggish housing market and stimulate the state’s lagging economy.

The FDIC announced last week that it is seeking public comment on its Legacy Loans Program (LLP). The FDIC and the Department of the Treasury unveiled the LLP last Monday as part of the administration’s Public-Private Investment Program (PPIP).

Lake Mary, Florida’s JVI Appraisal Division, LLC, a nationwide provider of appraisals and valuations of foreclosed properties, has been awarded a contract with the U.S. General Services Administration (GSA) to perform appraisal services for the government.

The New York Federal Reserve Bank purchased $33.15 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $270 billion.