Treasury and the Federal Housing Finance Agency agreed to amend the terms of the preferred stock purchase agreements of Fannie Mae and Freddie Mac.
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At a hearing titled "Protecting Homeowners during the Pandemic: Oversight of Mortgage Servicers' Implementation of the CARES Act," the House Financial Services Subcommittee on Oversight and Investigations considered CARES Act mortgage servicer implementation issues and economic inequity.
U.S. Department of Housing and Urban Development Secretary Benjamin S. Carson and Federal Housing Finance Agency Director Mark A. Calabria testified on recent departmental initiatives to support the housing market.
Congressional representatives urged the Federal Reserve Board to expand Term Asset-Backed Loan Facility eligibility criteria to provide needed liquidity to the mortgage servicing sector.
Several congressional members urged Treasury Secretary Steven Mnuchin to address liquidity challenges facing mortgage servicers in order to prevent an "impending crisis" within the mortgage servicing sector.