“The first thing we found is that homeowners need to know that they’ve been assigned a trusted advisor who will help them navigate the work out process,” explained one Fannie Mae official.
CSP watchers say the GSE platform is starting to look like an orphan under director Mel Watt. But will Watt mention the project in his first public speech next week?
Freddie CEO Don Layton warns that staffers “at all levels” would flee the secondary market giant amid the five-year transition period, citing several provisions of the bill that are detrimental to employees.
Beginning in December, the FHFA directly stepped into the MSR sales market, requiring its approval on all Fannie/Freddie transfers involving 5,000 loans or more. This additional level of approval initially caused concern in the market because it added another layer of oversight to sales.
Fitch said ignoring broker price opinions dramatically increased the likelihood of underestimating potential loss severities and results in insufficient credit enhancement.
Based on what Freddie's Layton said, one might think that going forward, the GSEs might barely break even. Maybe that’s why the GSEs – and not necessarily Mel Watt – want to hike their guaranty fees…
Fannie Mae and Freddie Mac securitized just $11.1 billion of refinance mortgages with high loan-to-value ratios during the first quarter of 2014, a sign that the Home Affordable Refinance Program is slowing down significantly. The first-quarter high-LTV refi market was down 37.1 percent from the fourth quarter of 2013 and off a hefty 78.5 percent from the $51.4 billion of business the two government-sponsored enterprises did back in the first three months of last year, according to a new Inside MBS & ABS analysis. Production was...[Includes one data chart]
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