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Volume 14 - Number 22

October 31, 2014

MBA Opposes FHFA IG Proposed Seller/Servicer Auditor Rotation

The Mortgage Bankers Association has formally called upon the Federal Housing Finance Agency’s official watchdog to reconsider some of its proposals meant to prevent the next multi-billion dollar fraud scheme against Fannie Mae and Freddie Mac. In a letter dispatched to the FHFA’s Inspector General late last week, the MBA cited its opposition to certain recommendations the IG made to the Finance Agency in its August post-mortem on the swindle perpetrated by the now-defunct Taylor, Bean & Whitaker Mortgage.

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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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