In his rebuttal to the IG’s findings, FHFA acting deputy director of conservatorships, Bob Ryan, concurs with some of the IG’s recommendations but takes issue with other aspects of the report.
Not only are Fannie Mae and Freddie Mac spending more money than they were a few years ago, but their proposed budgets are being submitted late, says the IG.
The use of proprietary mods by banks was essentially level compared with the second quarter of 2014 while the number of HAMP restructurings declined by 42.9 percent.
On the conventional product, the loans have an average age of 23 months and delinquencies in the 3.0 percent range. Almost 80 percent of the loans are in California.
Consumer Complaints Tick Slightly Upward From Year-Ago Levels. A small 3.9 percent drop in overall consumer complaints to the CFPB during the third quarter helped keep a lid on rising complaints at the nine-month mark versus a year ago, according to an analysis by Inside the CFPB. (See chart on previous page.) The data show a modest 4.3 percent uptick in consumer criticisms at the end of September 2015 compared with the same nine-month period in 2014. The biggest drops were seen in the payday lending space (down 18.7 percent quarter to quarter and 7.1 percent year over year) and in the residential mortgage space (down 10.9 percent and 7.5 percent, respectively)....
A memo issued by the Internal Revenue Service this year regarding the tax treatment for certain real estate mortgage investment conduits has been a boon for investors in nonperforming loans, according to William Cejudo, a partner at the law firm of Clifford Chance. At the recent ABS East conference sponsored by Information Management Network in Miami, Cejudo provided some background on Technical Advice Memorandum 2015-17007, which was issued by the IRS in May. The memo covered a life insurance company’s formation of a REMIC that held impaired non-agency MBS. “It’s...
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