The House and Senate approved a measure late Thursday that would let the government-sponsored enterprises buy or guarantee larger loans for one more year.
Under the provision, Fannie Mae and Freddie Mac — as well as the Federal Housing Administration — could back loans as large as $729,750 through the end of 2010.
Without an extension, the cap is set to return to its previous limit of $625,000 at yearend.
President Obama is expected to sign the legislation soon.
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
The bank is a top auto lender, with a managed portfolio of $7.1 million through December 2023, and has a strong servicing track record.
The initial protection amount, Moody's says, is 12.5% of the total reference pool and equals the principal amount of the rated and unrated issued notes.
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
