Banking regulators acknowledged problems with the foreclosure reviews conducted by the nation's megabanks and have agreed to evaluate the use of independent consultants in regulatory actions.
Ginnie Mae is seeking comment from Wall Street dealers on whether the agency should continue maintaining two separate MBS programs, or consolidate them and create a third Ginnie Mae security. The agency has reportedly sent questionnaires to dealers seeking their opinion on a number of options, including combining the lower volume Ginnie Mae I MBS program with the far busier Ginnie Mae II program and its likely impact on liquidity, issuance and market share. A Bloomberg report said...
Expect quality control to be the single most critical component at the top of a long list of requirements for prospective lenders seeking to do business with Fannie Mae and Freddie Mac, according to agency officials and experts during an Inside Mortgage Finance webinar this week. The two government-sponsored enterprises are ready, willing and able to do business with new seller/servicer partners, if they are prepared to demonstrate, in a transparent and painstaking way, they are an opportunity to Fannie or Freddie and not a risk, National Union Mortgage President and CEO Bill Cosgrove told webinar attendees. “It’s really all about quality control. Every area of your organization has to be...
Issuance of non-agency MBS quadrupled in the first quarter, according to new figures compiled by Inside MBS & ABS. Firms selling securities include Ocwen and Nationstar.
“Private capital out there, here we come,” Edward DeMarco, acting director of the Federal Housing Finance Agency, said this week. He was talking about pending risk-sharing pilot transactions between the government-sponsored enterprises and the non-agency market. The FHFA set a goal for Fannie Mae and Freddie Mac to each issue at least $30.0 billion in risk-sharing transactions this year. Those efforts were delayed in 2012 due to regulatory concerns, but DeMarco said the GSEs will soon issue such deals ...
It stands to reason that with non-agency jumbo mortgage-backed security issuance reviving to some degree, prices paid in the secondary market for jumbo whole loans are rising. Traders and jumbo consultants who play in the sector tell Inside Nonconforming Markets that prices for quality product are now above par, at 103. As recently as last fall, prices were in the 101 and 102 range, depending on the lender and the underlying collateral. “The market for whole loans is alive and well for ...
The Senate Banking, Housing and Urban Affairs Committee hasn’t marked up a bill in more than a year, but Democrats and Republicans on the panel pushed this week to begin the process of reforming the government-sponsored enterprises. “I think the time is right to address this issue and move it forward,” Sen. Jon Tester, D-MT, said this week at a hearing by the committee. “I think there are folks on both sides of the aisle that want to quit playing with this like a political football and ...
Bank of America agreed this week to pay $500 million to settle lawsuits from investors in non-agency mortgage-backed securities issued by Countrywide Financial in 2005 through 2007. If it receives judicial approval, the settlement on about $15.0 billion in non-agency MBS will be the largest-ever non-agency MBS class-action recovery. “After five years of hard-fought litigation, this record-breaking recovery is a tremendous result for MBS investors misled by Countrywide and ...
RSS