The MBA, NAHB and NAR want the Fed to announce it’s done raising interest rates and that it won’t sell MBS holdings until there’s some stability in the housing market. The request could fall on deaf ears.
Warehouse lender Texas Capital Bank claims it lost money after Ginnie Mae extinguished its interest in liens associated with the now-defunct Reverse Mortgage Funding.
There is still no firm release date on FHFA’s once-in-a-hundred-year review of the Federal Home Loan Bank system. The report was supposed to come out by the end of September.
The current bad times for lenders can’t last forever. Eventually, the Federal Reserve will ease credit and normalcy will return to the industry. But before we get there, more job cuts will be the order of the day.
Many owners of MSRs will have an opportunity to mark up the asset value of their holdings when reporting third-quarter results. However, the gains likely won’t be all that large.
The Supreme Court heard oral arguments this week in a case challenging the constitutionality of the CFPB’s funding structure. Analysts say the bureau has a good chance of prevailing.
What are nonbanks getting for their servicing rights in the secondary market and how much of a right does Fannie Mae have to that information? Hard to say, but some factions of the industry are bristling at inquiries from the GSE.
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