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The department's antitrust division said Thursday that it was withdrawing from the November 2020 agreement because its terms prevent the division from continuing to investigate association rules that may harm homebuyers and sellers.

Following similar decisions by big banks, the Consumer Bankers Association and Mortgage Bankers Association said they will halt all political contributions to elected officials as some lawmakers face harsh criticism for comments that incited the storming of the U.S. Capitol.

Contract signings to purchase previously owned homes surged in May by the most on record as mortgage rates fell and some states began to reopen from coronavirus lockdowns.

The coronavirus disruption caused March's pending home sales to fall and the losses will reverberate through the rest of 2020, according to the National Association of Realtors.

As lawmakers tackle Fannie Mae and Freddie Mac, any revamp must lessen risk to the mortgage system and U.S. taxpayers.

The Senate Banking Committee will hold two hearings at the end of March on Chairman Mike Crapo’s most recent framework for housing finance reform.

The Mortgage Bankers Association, National Association of Realtors and 26 other groups warned the agency not to pursue steps reducing the scope of Fannie Mae and Freddie Mac that could upset the mortgage market.

Lawmakers authorized a four-month extension less than a day before the program was set to expire.

Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to extend the National Flood Insurance Program through Nov. 30.

Once again, congressional inaction on reauthorizing the National Flood Insurance Program is prompting concerns about what a lapse in coverage could mean for loan closings.