FHFA Melvin Watt Statement
On October 21, the Federal Housing Finance Agency (FHFA) released a statement by Melvin L. Watt on the final joint agency rule on risk retention.
Statement of FHFA Director Melvin L. Watt on the Final Joint Agency Rule on Risk Retention
FOR IMMEDIATE RELEASE
“Finalizing this rule represents a major step forward to providing greater certainty to the housing finance market and paves the way for increased participation by the private sector. Aligning the Qualified Residential Mortgage standard with the existing Qualified Mortgage definition also means more clarity for lenders and encourages safe and sound lending to creditworthy borrowers. Lenders have wanted and needed to know what the new rules of the road are and this rule defines them.”?
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.?
Stefanie Johnson (202) 649-3030 / ?Corinne Russell (202) 649-3032
Please click here to view the news release online.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally.