Federal Reserve Vice Chairman Stanley Fischer said Tuesday that he was worried memories might be fading about the pivotal role that housing played in the financial crisis. House prices are now high and rising in several countries, perhaps as a result of extended period of low interest rates, Fischer said in a speech to a DNB-Riksbank conference in Amsterdam, Fischer noted that U.S. government s role in housing is increasing with Fannie Mae. Freddie Mac and the Federal House Administration now the dominant providers of mortgage financing. The Fed s #2 said there is more to be done to strengthen the resilience of the housing finance systems. Just taking the possibility of severe stress seriously would help, he said. And government support for housing should always be made explicit, he added.
- Jun. 20, 2017 at 3:15 a.m. ET
- by Greg Robb
- May. 18, 2017 at 11:55 a.m. ET
- by Andrea Riquier
WASHINGTON (MarketWatch) — Treasury Secretary Steven Mnuchin said Thursday he expects Fannie Mae and Freddie Mac to continue to pay its dividends to the government, despite the financial conditions of the firms. The Treasury Secretary told a Senate Banking Committee hearing that he has had several discussions about Fannie and Freddie Mac with Mel Watt, director of the Federal Housing Finance Agency, which has oversight over the enterprises. I did tell him that it was our expectation at Treasury that they would pay us the dividend and we hope they continue to do so per the agreement, Mnuchin said. Watt had told Congress last week that he has the right to suspend the quarterly dividend payment if he believes that payout would jeopardize the safety and smooth functioning of the enterprises.
- May. 18, 2017 at 11:12 a.m. ET
- by Greg Robb
- May. 18, 2017 at 10:03 a.m. ET
- by Robert Schroeder