Republicans in Congress are using the potential for administrative reform of the government-sponsored enterprises as leverage in negotiations on housing-finance reform legislation, according to industry observers. Passage of reform legislation involving Fannie Mae and Freddie Mac appears unlikely this year and some investors in the secondary market would prefer to keep things as is.
Ginnie Mae is considering revising its acknowledgement agreement with mortgage-backed securities issuers and third-party creditors to ensure that nonbank program participants have sufficient liquidity to make timely payments to investors.
First-time homebuyers – especially those who took out private mortgage insurance – played a huge role in financing home purchases last year, according to a new Inside Mortgage Finance ranking and analysis.
Ocwen Financial midweek agreed to buy PHH Corp. for roughly $360 million in cash, a deal that caught the market by surprise and has analysts and advisors wondering whether two money-losing lender/servicers can make a go of it in a tough origination market.
Warehouse providers ended 2017 with an estimated $67.0 billion of commitments on their books, flat compared to the prior quarter and a sign that growth in the sector, at least for now, is taking a respite in the wake of higher interest rates.
Ocwen disclosed this warning: “Non-compliance with the laws and regulations of India or the Philippines could result in restrictions on our operations in these countries, fines, penalties or sanctions or reputational damage.”
Acting Ginnie Mae President Michael Bright: “If they don’t have money to make principal and interest payments to investors every 20th day of the month, then Ginnie MBS are in trouble.”
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