The CFPB responded that “none of the identified opportunities for improvement ever resulted in any breach of confidential information outside the bureau.”
Freddie’s Second RPL Sale. Freddie Mac announced an approximately $292 million structured sale of a pool of seasoned reperforming loans. The pool is comprised of loans with step-rate modifications using GSE proprietary modifications. The pool includes reperforming and moderately delinquent loans being serviced by Select Portfolio Servicing, Inc. The GSE’s first RPL sale was a pilot program that proved to be successful, according to Freddie. …
BlackRock joined the chorus of GSE reform proposals by releasing its own last week. It aligns with the consensus view that reform should include an explicit government guarantee for mortgage-backed securities. An explicit government MBS guarantee is necessary to fully support a deep and liquid to-be-announced market, according to the asset manager. “Without this support, we believe credit would be more expensive and more difficult to obtain, which would negatively impact housing markets,” said BlackRock. Ginnie Mae MBS have an explicit guarantee, while Fannie and Freddie securities had an “implied” guarantee until they went into conservatorship. Although many proposals believe that’s the best...
Fannie Mae and Freddie Mac have proposed to pilot chattel loan programs within the next couple of years, but the manufactured industry wasn’t exactly impressed. Early last week, the GSEs released draft proposals detailing how they plan to boost underserved manufactured housing, rural housing and affordable housing preservation markets for low- and moderate-income families over the next three years. Under the Federal Housing Finance Agency’s duty-to-serve requirement, Fannie and Freddie are charged with coming up with ways to increase financing in those three areas. The drafted plans are part of an extended implementation process. The GSEs admitted there is not much information available about chattel lending and said...
The GSEs view their recent front-end credit-risk transfer pilots as another complementary addition to their CRT programs but have no plans of a big rollout for these types of transactions.During a CRT symposium this week in New York, officials from the GSEs discussed the use of mortgage insurance in CRTs. Robert Schaefer, Fannie’s vice president for credit enhancement strategy and management, called the transactions “a good tool in the toolkit,” but said he doesn’t see them taking over the majority of CRT activity.Gina Healy, Freddie’s vice president of credit risk transfers, agreed that the front-end CRTs, which use MIs is a good mechanism to have because it provides certainty and efficiency it terms of pricing.
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