Rep. Maxine Waters, D-CA, announced an agreement to fix unintended consequences (significantly higher premiums) from the Biggert-Waters Flood Insurance Reform Act.
Legislative reform of Fannie Mae, Freddie Mac and the FHA will take years, according to panelists at the Mortgage Bankers Association's annual convention.
The incredibly shrinking refinance market helped continue the shift in the mix of single-family mortgages securitized by Fannie Mae and Freddie Mac in the month of September, according to a new Inside The GSEs analysis.
A year ago, mortgage servicing brokers were seeing five or fewer bidders on bulk offerings. Today, 10 or more bidders show up, many of which are nonbanks or have owners that are hedge funds or private-equity firms.
Shellpoint Partners this week pulled the plug on its second jumbo non-agency MBS issuance of the year and will instead sell the mortgages as whole loans. Shellpoint Asset Funding Trust 2013-2 was initially offered as a $308.64 million deal in September. The company then reduced the offering to a $250.85 million securitization with a number of tweaks aimed at attracting investors. In the end, the company couldn’t structure...
Bank of America is putting up a strong defense and plans on whittling down the settlement price in a Federal Housing Finance Agency non-agency MBS fraud case against the company, sources close to the matter told Inside MBS & ABS. One official close to the due-diligence team working for BofA said the regulator seeks a $13 billion payment to settle charges that the bank and two companies it bought during the housing meltdown – Countrywide Financial Corp. and Merrill Lynch – sold faulty nonprime MBS to the government-sponsored enterprises. This source, who spoke under the condition his name not be published, said...[Includes one data chart]
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