House Democrats are demanding an explanation as to why the Federal Housing Finance Agency (FHFA) prohibited Fannie Mae from executing a plan to introduce new specialty lenders into the forced-place insurance market.
In a letter Wednesday to Edward DeMarco, acting director of the FHFA, a group of House Democrats, led by Rep. Maxine Waters, D-Calif., asked for a list of the interested parties—i.e., insurers, banks and trade groups—that asked the FHFA to stop Fannie Mae from providing incentives for additional insurers to enter the market, potentially reducing rates.
In her letter, Waters says, "As you know, the issue of forced-place insurance has long been a focus for us in Congress, like me, who have been concerned with the issue of broad-based mortgage-servicing reform."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
