CA Legislature Poised to Pass Protections for Widowed Homeowners. The California legislature is a step away from enacting legislation that would extend existing foreclosure protections in the state Homeowners Bill of Rights (HBOR) to widows, widowers and other heirs of deceased homeowners. The legislature passed the HBOR in 2012 to provide due process protections to homeowners and establish rules and procedures for communication between servicers and borrowers regarding options to avoid foreclosure. However, the bill’s protections did not extend to surviving spouses and successors-in-interest who may wish to continue paying the mortgage loan but could not assume the loan or afford the payment with the loss of the deceased homeowner’s income. Surviving family members may then seek a loan assumption or modification, only to be refused by the servicer because their names are not on the ...
Stonegate, like many publicly traded nonbank mortgage firms, has seen its share price suffer the past year because of declining interest rates that have forced large MSR writedowns...
The GOP convention starts in a few days and the party of Lincoln and Roosevelt (Teddy) has its daggers pointed toward Fannie Mae and Freddie Mac. Bully!
Fannie Mae and Freddie Mac securitized $58.61 billion of single-family home loans that carried private mortgage insurance during the second quarter of 2016, a solid 33.0 percent increase over the first three months of the year, according to a new ranking and analysis by Inside Mortgage Finance. The boost in private MI business was slightly stronger than the 26.2 percent increase in overall single-family mortgage-backed securities issuance for the two government-sponsored enterprises during the same period. Overall, the biggest increase in GSE business during the second quarter was...[Includes two data tables]
Ginnie Mae is working on an upgrade to its “acknowledgement agreement,” in an attempt to bring more liquidity to the market and improve the ability of servicers to get loans collateralized by mortgage servicing rights on the agency’s mortgage-backed securities. In an interview with Inside Mortgage Finance, Ginnie Senior Vice President of Issuer and Portfolio Management Michael Drayne said the new version could be ready by the end of August or perhaps a few weeks later. “We’re getting a lot of feedback from the industry,” said Drayne. Presently, 25 to 30 percent of the agency’s $1.7 trillion portfolio is secured...
Capital requirements that are set to take effect in 2018 for bank holdings of mortgage servicing rights won’t prompt changes to servicing activities or portfolios at most banks, according to a new analysis by federal regulators. The report by four federal banking regulators on the effect of capital rules on MSR assets was prompted by the omnibus spending bill that was signed into law in late 2015. The banking regulators examined a number of MSR trends and determined that the current regulatory course is sufficient. At the start of 2018, capital requirements for banks will get...
A bipartisan group of senators is urging Federal Housing Finance Agency Director Mel Watt not to take any steps that could possibly lead to Fannie Mae and Freddie Mac being released from conservatorship. Their letter sent last week is one of several in the past two months that Watt has received from various groups reiterating their positions on housing finance reform. Senate Republicans Bob Corker (TN), Mike Crapo (ID) and Dean Heller (NV), along with Democrats Mark Warner (VA), Heidi Heitkamp (ND) and Jon Tester (MT), emphasized the need for comprehensive reform legislation over “any unilateral action” by the administration. “That is why Congress included a provision in the 2016 omnibus legislation which restricted the release of Treasury’s shares in the government-sponsored enterprises,” they wrote. “The passage of this provision reasserted the desire of Congress to have a say in determining the fate of Fannie and Freddie.” But the lawmakers acknowledged...
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