New York has enacted legislation redefining a reverse mortgage as a “home loan.” With the new law, statutory 90-day pre-foreclosure notices and certificates of merit would be required for all reverse-mortgage foreclosures in the Empire State. New York’s foreclosure settlement conference law has incorporated the new definition by reference, removing any doubt that such meetings are required in most reverse-mortgage cases, said industry attorneys. Gov. Andrew Cuomo, D, signed the amendment into law on April 12, 2018, though it is deemed to have been in full force and effect as of April 20, 2017. However, the pre-foreclosure notice requirement for reverse mortgages has an effective date of May 12, 2018. For actions commenced after May 12, the new state law requires lenders, servicers or assignees to provide a pre-foreclosure notice at least 90 days before initiating legal action against the borrower at the ...
Fannie Mae and Freddie Mac issued a record $4.53 billion of new credit-risk transfer debt notes during the first quarter of 2018, according to an Inside MBS & ABS analysis. [Includes one data chart.]
Fannie Mae and Freddie Mac don’t act like two companies in their 10th year of government conservatorship, waiting for federal policymakers to figure out what to do with them.
The tailored Dodd-Frank reform bill signed into law by President Trump this month should be a boon to investors in Ginnie Mae securities because it will reduce loan churning, but there could be some bumps along the road until all the details are ironed out.
In what is largely an intellectual exercise, Federal Housing Finance Agency Director Mel Watt said last week that the agency will propose a new risk-based capital rule for Fannie Mae and Freddie Mac even though it won’t apply while they’re in conservatorship.
CFPB’s Mick Mulvaney: “Today, after an exhaustive review by outside experts, including a comprehensive ‘white-hat hacking’ effort, we can lift that hold.”
RSS