Will the FHFA trim cash-out refis by Fannie Mae and Freddie Mac? For now, all is quiet on the topic. In other news: HUD ushered in new regulatory changes for FHA condo financing, making it easier for borrowers and lenders.
Top nonbank servicers continued to expand their agency MSR positions in the second quarter via acquisitions and organic growth. Wells Fargo, U.S. Bank and BofA were the only top-10 agency servicers to shrink.
Mortgage Grapevine: MSR auctions have been few and far between of late, but all that may soon change. Meanwhile, Stearns Lending has secured the cooperation of its largest bondholder, PIMCO, to reduce its debt load. Now, it's just a matter of time and working with the bankruptcy court.
Is the White House getting cold feet on administrative reform of Fannie and Freddie? Maybe, maybe not, but it appears the Federal Housing Finance Agency may not release its GSE capital rule until December.
Mortgage Grapevine: Rushmore is buying another origination platform, a sign that mortgage M&A could be on the rise again. Meanwhile, Fannie Mae is offering buyout packages to a select group of employees.
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.