Although only 13 banks reported net losses on mortgage banking during 1Q – compared to 756 institutions with net profits – several of the top players earned less than they did in the fourth quarter.
Although Associated denies that any such lending discrimination took place, it agreed to commit almost $200 million in new loans to “targeted” areas...
The common securitization platform and single security are years away, but officials from the GSEs, the Federal Housing Finance Agency and Common Securitization Solutions, LLC, offered additional information about future plans and the inner workings of the platform at the Mortgage Bankers Association Secondary Conference in New York this week. Robert Fishman, FHFA’s senior associate director in the office of strategic initiatives, said the two initiatives are intimately related because the CSP will be the platform to issue the single security. The CSP was already been underway when the single security was announced a year ago. Fannie Mae and Freddie Mac “are critical to the current function of the housing market. So while it’s very helpful to think about the...
A possible cyber attack on the GSEs was one of the focuses of a semi-annual report to Congress by the Federal Housing Finance Agency’s Office of Inspector General. The computer systems of Fannie and Freddie could be vulnerable to security breaches and unauthorized access, according to the report, which noted that the IG specifically worries about hackers possibly stealing confidential information and/or planting computer viruses within the systems of the GSEs. “Among other things, a breach of an enterprise’s security system could disrupt its business operations or result in the unauthorized disclosure or misuse, computer viruses or other malicious codes, or other attempts to harm them or misuse or steal confidential information,” said the report.
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