Would social bonds backed by single-family loans rather than multifamily loans still comport with the GSEs’ mission without impacting safety and soundness? FHFA issued a request for input on the matter.
Credit Suisse completed the first part of the sale of its securitized products group; tighter pricing for Fannie with latest CRT offering; SEC’s rating service report light on details; retrial in GSE shareholder case set for July; RMF’s planned securitization scuttled.
NYCB closes Flagstar’s non-bank branches; FHA offers new incentives for servicers; home prices decline again in November; MBA writes to FHFA on the cost of doing business with the GSEs; new products aimed at newly-constructed homes; MISMO offers loan limit tool.
The TILA-RESPA Integrated Disclosure rules require mortgage lenders to disclose prices within three days of an application. But to do so they have to rely on frequently faulty income and debt information.
By targeting price cuts at low-FICO score and high-LTV borrowers, the new pricing grids of Fannie Mae and Freddie Mac could increase market overlap with FHA.
Upfront fees will decline for most low-income borrowers, but will increase for some middle-income homebuyers. The result is more cross-subsidy for the GSEs’ mission-based activities.
Fannie and Freddie will institute their own models for assessing the values of MSRs held by seller/servicers, even if those MSRs are for mortgages not owned or guaranteed by the GSEs.
In a reissued bulletin, the mortgage giant said it will allow some duty-to-serve cash-out refinances to receive 0% credit fee caps because of the confusion caused by an earlier notice.