The number of home loans backed by Fannie Mae and Freddie Mac that are 60 days or more past due or are in the foreclosure process fell 10 percent in the first quarter to the lowest level since 2008.

Government guarantees of mortgage-related assets should be explicit, not implicit, Federal Reserve Vice Chairman Stanley Fischer said in remarks today.

The Treasury Department tonight issued a 150-page report making dozens of recommendations for how Congress and regulatory agencies can streamline bank regulation in a way that promotes economic growth.

As part of the banking industry’s continuing response to President Trump’s executive order outlining “core principles” for financial regulation, ABA submitted two white papers to the Treasury Department today with recommendations for reforming current mortgage lending rules and regulations and the government-sponsored enterprises Fannie Mae and Freddie Mac.

Testifying before the Senate Banking Committee today, Treasury Secretary Steven Mnuchin said he is hoping to collaborate with senators on financial regulatory relief and housing finance reform.

Housing and Urban Development Secretary Ben Carson signaled today that the administration may revisit an Obama-era policy on Property Assessed Clean Energy, or PACE, loans, a controversial financial product that allows homeowners to pay for energy-efficient retrofitting -- such as solar panels and high-efficiency air conditioners -- through their property tax assessments.

At a hearing before the Senate Banking Committee today, FHFA Director Mel Watt highlighted the need for housing finance reform, noting that Congress must decide the future of Fannie Mae and Freddie Mac, including whether or not the enterprises should receive backing from the federal government.

Fannie Mae today reported a $2.8 billion profit for the first quarter, following earnings of $4.85 billion in the previous quarter.

Freddie Mac posted net income of $2.2 billion in the first quarter of 2017, reversing a loss from the first quarter of 2016.