Steven Mnuchin

The letter written by Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, was seen as a boost to Wall Street lobbying efforts seeking to quell the fallout of the coronavirus crisis on the mortgage market.

After budget cuts and a strategic transition, the interagency body conceived by Dodd-Frank to identify systemic threats has largely been silent as the pandemic roils the economy.

The $2 trillion deal passed by the Senate late Wednesday would aim to put banks and consumers alike on stronger financial footing as they weather the coronavirus pandemic.

The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.

The lawmakers say they need more information about the administration’s plans in order to conduct proper oversight.

The Treasury secretary suggested a role for lawmakers in containing any fallout with financial contracts stemming from the transition to a new interest rate benchmark.

The Treasury secretary said he hopes lawmakers will back reforms of Fannie Mae and Freddie Mac within three to six months.

The Treasury Department made clear in a much-anticipated report that it prefers Congress take up reform of the government-sponsored enterprises, but it also recommended steps that federal agencies could take without legislation.

With officials putting finishing touches on presidentially directed reports on the future of the housing finance system, the Senate Banking Committee announced a hearing to examine the issue.

The mortgage industry will be looking for answers when Treasury and HUD unveil reports on housing finance reform, but the Trump administration’s plans could also raise a whole new host of questions.

The Federal Housing Finance Agency has appeared willing to take its own steps to reform Fannie Mae and Freddie Mac, but legislation would be necessary to create an explicit guarantee of the mortgage system.

Treasury Secretary Steven Mnuchin was adamant that the Trump administration won’t just let Fannie and Freddie build up their capital buffers and then release the companies. He also said he backed an explicit government guarantee, something only Congress can do.

The ranking Democrat on the Senate Banking Committee says he wants answers from the Financial Stability Oversight Council on efforts to address corporate debt risks.

The acting head of the Federal Housing Finance Agency has promised substantial changes for Fannie Mae and Freddie Mac, but the exact mechanics and timeline of an administration plan are still a mystery.

After 10 years of conservatorship, the new year could finally usher in big steps toward housing finance reform.

The Trump administration wants to work with Congress on freeing Fannie Mae and Freddie Mac from government control, though it's considering pursuing some changes on its own, Treasury Secretary Steven Mnuchin said Tuesday.

Maybe political winds or another downturn will spark housing finance reform. But 10 years after the conservatorships began, the companies are still in perpetual limbo.

A senior Treasury department official said it's an "adapt or die" situation for regulators and financial firms in the midst of a growing fintech space.

With the question of a federal charter still looming, Treasury's last report on changes to the financial regulatory system will focus on nonbanks and new tech startups.

Fannie Mae and Freddie Mac will be allowed to build capital buffers to protect against losses under an agreement between the Treasury Department and the Federal Housing Finance Agency announced on Thursday.