House Financial Services Committee Chair Maxine Waters is asking HUD, VA and USDA to address a month-long gap in protections that are meant to help keep borrowers from foreclosure during the pandemic.
Industry backs a change that would eliminate requirements that lenders conduct background checks on builder-contractors working with borrowers in the RHS Single-Family Housing Guaranteed Loan Program.
In the mortgage industry, the FCA has been used by the Department of Justice and Department of Housing and Urban Development to punish FHA lenders for sloppy underwriting practices that led to defaults.
JMP said it sounds like “these actions” by the GSEs “primarily targeted nonbank wholesale channel lenders, of which UWM [United Wholesale Mortgage] and HMPT are among the largest.”
Over $60 billion of new CLO issuance came to market in the second quarter of 2021, along with a whopping $70 billion in refinance and restructuring activity. (Includes two data charts.)
With Fannie’s Connecticut Avenue Securities on ice for over a year, the supply of single-family credit-risk transfer debt in the market has declined significantly. (Includes data chart.)
Any reform to the executive compensation structure at Fannie Mae and Freddie Mac should be made with an eye toward the companies eventually exiting conservatorship, the trade group said in a comment letter to the FHFA.
RSS