The FHFA’s final rule on golden parachutes applies to Fannie Mae, Freddie Mac, the Federal Home Loan Banks and the Office of Finance, as well as any “entity-affiliated parties,” including independent contractors.
Storm clouds quickly gathered as Rep. Steve Pearce, R-NM, complained that the bureau’s QM rule and restrictions on high-cost loans would pretty much exclude manufactured housing – and then accused Cordray of deliberately trying to squash lower-income families.
Mortgage originations late last year sank to the lowest production level since the bottom fell out of financial markets in the fourth quarter of 2008, according to a new market analysis and ranking by Inside Mortgage Finance. Lenders generated an estimated $305 billion in new originations during the fourth quarter of last year, a 33.7 percent decline from the third quarter. The mortgage market hasn’t been that slow since the fourth quarter of 2008, when production totaled just $260 billion. Production volume was...[Includes two data charts]
The Federal Housing Finance Agency’s new “servicing project” will take a close look at how large-scale packages of mortgage-servicing rights are sold and transferred, but will also delve into what mortgage bankers thought was a dead issue: minimum servicing fees paid to processors. “You might say that FHFA is tackling the whole servicing arena in a big way,” said one mortgage consultant who has been briefed on the agency’s plans. The regulator’s sudden interest in transfers comes...
Increased compliance costs in recent years have done little to dampen demand for mortgage servicing rights, according to industry analysts. “The amount of capital has far outstripped the available supply,” said Dashiell Robinson, a managing director at Wells Fargo Securities, during last week’s ABS Vegas conference sponsored by the Structured Finance Industry Group and Information Management Network. William Roehrenbeck, chairman and CEO of Arvest Mortgage Company, said...
Concerns about the potential harmful effects that the Consumer Financial Protection Bureau’s qualified-mortgage standard might have in the manufactured housing sector struck like lighting at a hearing of the House Financial Services Committee this week, with CFPB Director Richard Cordray bristling at a perceived personal attack from a GOP member and demanding he be treated with respect. Storm clouds quickly gathered as Rep. Steve Pearce, R-NM, complained that the bureau’s QM rules and restrictions on high-cost loans would pretty much exclude manufactured housing – and then accused Cordray of deliberately trying to squash lower-income families. “Fifty percent of the homes in New Mexico are...
It’s been several years since a top-10 ranked lender changed hands, but it could happen this year with speculation falling on PHH Mortgage and Flagstar Bancorp. Both firms own large servicing portfolios but have sold servicing “strips” while retaining a subservicing relationship with the consumer. Investment banking sources and competitors familiar with the two say a sale of either is...
Amid growing calls by lawmakers and policy advocates to divert some of Fannie Mae’s and Freddie Mac’s increasing profitability to an affordable housing commitment, industry observers speculate that new Federal Housing Finance Agency Director Mel Watt is seriously inclined to act that way. The Housing and Economic Recovery Act of 2008 requires the government-sponsored enterprises to make annual contributions to the National Housing Trust Fund and Capital Magnet Fund. Fannie and Freddie were put in government conservatorship before they ever made any contribution. Late last week, more than 30 Senate Democrats told...
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