Genworth said the mortgage insurer is “designed to meet its near-term liabilities of approximately $1.0 billion of debt due in 2021. An IPO of U.S. MI will be subject to market conditions as well as the satisfaction of various conditions and approvals.”
Reverse Mortgage Funding maintained its second-place position but trailed far behind with $743.5 million. Finance of America, which is controlled by the Blackstone Group, moved up a notch to third place with $577.0 million.
Issued in late November, the new FHFA regulatory framework mandates Tier I capital of at least 4.0% for Fannie and Freddie, a bar that some stakeholders believe is too high.
The highest year-over-year gains were reported in Phoenix (12.7%), Seattle (11.7%), and San Diego (11.6%). Meanwhile, New York (6.0%), Chicago (6.3%) and Las Vegas (6.4%) lagged behind...
Still, the overall share of ARMs is declining. The loans accounted for 7.5% of first-lien originations in the first nine months compared to 10.8% for full year 2019.
FHA Chief Dana Wade believes a foreclosure crisis will not present itself in the near future due to FHA providing “so many” relief options to borrowers. Meanwhile, she suggested the MI be spun off from HUD.
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