Although a Republican victory in November might revive efforts to release the GSEs from conservatorship, this would likely be a multi-year effort, according to the former FHFA director.
In the short term, there could be some volatility in the agency MBS market as investors adjust to the Fed’s moves. Longer term, volatility is expected to recede, helping investors in agency MBS.
As per a consent order with the CFPB, Navient has agreed to pay $120 million in restitution and fines and permanently exit federal student loan servicing.
The Federal Reserve announced a 50-basis-point reduction in the federal funds rate this week. Interest rates on mortgages have come down by more than that in recent weeks in anticipation of the Fed’s move.
The CFPB has 30 days to amend its complaint against Loan Originator Services as part of a fair lending lawsuit filed against a Texas-based developer and lender, Colony Ridge.