Consumer Financial Protection Bureau. Joint enforcement effort. Last week, the Consumer Financial Protection Bureau and the Presidential Initiative Working Group of the National Association of Attorneys General announced a cooperative enforcement agreement to jointly target abusive financial services practices, including those relating to mortgages...
Standard & Poor’s Ratings Service late last week dropped its outlook on the debt issues of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System from stable to negative while affirming its respective debt issue ratings. S&P also dropped its outlook for 10 of the 12 Federal Home Loan Banks – excluding the FHLBanks of Chicago and Seattle – from stable to negative while affirming their “AAA” long-term counterparty credit ratings. …
Short sales, the bane of the home-purchase market for the past several years, have suddenly emerged as the fastest growing sector of the housing market in early 2011. According to new numbers released this week by the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, short sales accounted for...
The interagency review of servicers’ foreclosure policies and practices found that although some process flaws were discovered, the foreclosure proceedings weren’t improper and didn’t cause undue borrower injury, despite the consent decrees’ more sinister portrayal of the findings, according to...
Industry groups continue to emphasize that servicer accountability and legitimate help for borrowers are key to addressing loan modification concerns that continue to plague the market. The crux of concern with modification programs is conflicting fiduciary duties, including financial incentives for banks not to...
New issuance of Ginnie Mae single-family mortgage securities declined 17.9 percent from the fourth quarter of 2010 to the first quarter of 2011, according to the Inside Mortgage Finance MBS Database. It was the slowest three-month period in Ginnie securitization since the fourth quarter of 2008. Wells Fargo ranked as... [Includes one data chart]
Don’t hold your breath waiting for a legislative remedy in Congress to reform and/or replace Fannie Mae and Freddie Mac. The expectation on the Hill and throughout the industry is that meaningful action on GSE reform won’t occur until 2013 at the earliest, industry sources tell Inside The GSEs.
A modest gain in the issuance of securities backed by auto financing and a boost from the student loan sector helped push total non-mortgage ABS issuance up 5.4 percent in the first quarter, according to a new ranking and analysis by Inside MBS & ABS. The ABS market generated... [Includes three data charts]
Private capital could help resolve the foreclosure crisis if servicers and investors can agree to programs allowing the sale of distressed mortgages out of non-agency MBS pools, according to Jordan Dorchuck, vice president and chief legal officer at American Home Mortgage Servicing, Inc. Dorchuck outlined a proposal to allow...
The Securities and Exchange Commission this week proposed a new method for determining whether non-agency MBS will enjoy certain federal exemptions without relying on credit ratings. The SEC and other agencies in recent years have been gradually eliminating references to credit ratings in a variety of regulations affecting...
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