Nonprime mortgages are performing better than expected and prepayment rates remain elevated, according to industry analysts. Fitch Ratings noted that 60+ day delinquency rates on nonprime mortgages in post-crisis mortgage-backed securities rated by the firm were less than 4.00 percent as of August. “The performance of Fitch-rated nonprime transactions has outperformed initial projections,” the rating service said. The average conditional prepayment rate ... [Includes one data chart]
Former Federal Housing Finance Agency Acting Director Ed DeMarco told us the bill is a good starting point and includes language that both Democrats and Republicans can agree on...
The amount of jumbo mortgages being handled by major servicers has largely increased in the past year, according to a new ranking and analysis by Inside Nonconforming Markets. Among a group of 30 servicers, only six posted declines in jumbo servicing volume on an annual basis as of the end of June. Among the top 10 jumbo servicers, only Ocwen Financial had a decline in servicing. The company remains under growth constraints placed by regulators ... [Includes one data chart]
Fannie Mae and Freddie Mac pose more risk to the housing finance system today than they did a decade ago, according to some witnesses at a House Financial Services Committee hearing this week.
Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, late this week finally unveiled his long-awaited housing-finance reform proposal, calling for a repeal of the federal charters of Fannie Mae and Freddie Mac.
Any changes to the Community Reinvestment Act should strengthen – not weaken – banks’ obligations to meet the needs of minority and low-income communities and expand access to mortgage credit in historically redlined areas, said civil rights and consumer advocacy groups.
Industry participants and the Treasury Department want the Federal Communications Commission to change its rules to help servicers communicate with borrowers without the threat of costly fines.
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