The sale is notable not only for its size, but for the fact that MBS and Morvest – partners on this auction – don’t normally sell servicing rights as part of their advisory practices.
The latest tally from Inside The GSEs has Fannie and Freddie repaying all of their borrowings from the U.S. Treasury plus an additional $50.6 billion – money that has gone directly into the government’s coffers.
In a recent letter to HUD Secretary Julian Castro, 69 House members called for policy changes that would relax FHA restrictions to facilitate the purchase and sale of condominiums.
There has long been a concern in the market that if either GSE has a negative net worth, that investors will stop buying their MBS, which would cause the home buying process in America to crumble.
CFPB Retracts Cordray’s Claim About Most Jumbo Mortgages Being Non-QMs. Questions from Inside Nonconforming Markets, an affiliated newsletter, compelled the CFPB to concede that Director Richard Cordray misspoke during a speech at the Mortgage Bankers Association’s recent annual convention in San Diego. In asserting that the CFPB’s ability-to-repay rule hasn’t caused a significant reduction in mortgage originations, Cordray referenced jumbo loans, “most of which are non-QM loans,” he said. “While comprehensive data on the non-QM share of jumbo mortgages are not available, a number of data sources suggest that most jumbos are in fact QMs, not non-QMs,” Inside Nonconforming Markets went on to note. Three of the five largest jumbo lenders told the newsletter most of their jumbos are QMs, ...
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