Comptroller of the Currency Joseph Otting has served as acting director of the Federal Housing Finance Agency for just shy of four weeks. But there’s one problem: His appointment may be illegal.
Nonbanks were the top buyers and sellers of bulk mortgage servicing portfolios last year, according to a tally from affiliate publication Inside Mortgage Trends. [Includes one data chart.]
The Trump administration pulled an about-face on reform of the government-sponsored enterprises, with the White House declaring mid-week that it will work with Congress on a legislative solution to Fannie Mae and Freddie Mac.
The complex business of servicing residential mortgages continued to become more concentrated among a diverse group of industry participants in the fourth quarter of 2018. [Includes two data charts.]
The Federal Housing Finance Agency, which regulates Freddie Mac and Fannie Mae, last week said it will no longer defend its single-director leadership structure.
As a new era of oversight begins, Rep. Maxine Waters, D-CA, chairwoman of the House Financial Services Committee, is aiming for reform of credit reporting agencies.
Mortgage lenders continue to fund loans even as the record-long government shutdown entered its fifth week. However, the process, particularly for FHA and VA, is much slower than a few weeks ago due to lack of funding and severely reduced staff, according to industry participants.
Independent mortgage banking firms that weren’t adequately hedged at yearend are facing minor- to moderate-sized writedowns on the value of their servicing portfolios, according to interviews conducted by Inside Mortgage Finance this week.
The Treasury Department continues to work on administrative changes for Fannie Mae and Freddie Mac that can be implemented by the Federal Housing Finance Agency, but a blueprint won’t see the light of day until sometime in the spring, if then.
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