Ed DeMarco, former acting director of the Federal Housing Finance Agency, was named the new president of the Financial Services Roundtable’s Housing Policy Center last week. HPC, a proponent of housing finance reform, has called the current framework “unsustainable.” DeMarco took FHFA’s reins in 2009, shortly after the start of the conservatorship of Fannie Mae and Freddie Mac. He then left the FHFA after a five-year stint and became a senior fellow in residence at the Milken Institute’s Center for Financial Markets. Prior to his time at FHFA, he was...
Freddie Mac introduced a curriculum to help potential manufactured homebuyers in Kentucky get a mortgage and is now looking to increase lender participation in the program. The GSE partnered with Next Step Network, a housing intermediary based in Louisville, and three nonprofit housing counseling agencies to create the online education curriculum aimed at better preparing Kentucky homebuyers with blemished credit histories. Since the initiative was rolled out...
DLJ Mortgage Capital, an arm of Credit Suisse, was the winning bidder of all four pools of Fannie Mae’s second reperforming loan sale transaction. The GSE announced the result last week and noted that the deal included 7,508 loans totaling $1.62 billion in unpaid principal balance. The deal, announced on March 14, was...
The Federal Housing Finance Agency said it increased the number of minority and women-owned businesses it awarded contracts to in 2016. But several obstacles make expanding its business with MWOBs complicated. The agency recently released its annual report to Congress, which details initiatives and accomplishments during the year to increase diversity and inclusion. This year’s report also mentioned a diversity and inclusion program to examine the same practices within Fannie Mae, Freddie Mac and the Federal Home Loan Banks. In 2016, the FHFA expanded...
The Structured Finance Industry Group is worried that the Credit Competition Score Act of 2017 could result in an excessive number of approaches to credit scoring. Rep. Ed Royce, R-CA, introduced H.R. 898 in February with Reps. Kyrsten Sinema, D-AZ, and Terri Sewell, D-AL. The bill lets...
And now the obvious questions becomes: where does Ocwen go from here? The company can’t possibly be sold because of all the outstanding lawsuits and “legacy” problems...
The secondary market in agency mortgage servicing rights cooled off in the first quarter of 2017 after a hectic end to 2016, according to an exclusive analysis and ranking by Inside Mortgage Trends. A total of $109.78 billion of agency MSR changed hands during the first three months of the year, down 32.9 percent from the fourth quarter of 2016. Part of that was due to a 26.2 percent decline in new business volume at Fannie Mae, Freddie Mac and Ginnie ... [Includes three data charts]
The trade group first launched its GSE task force in late 2012 with 17 initial executive members, including Bob Ryan, a Wells Fargo executive who is now the acting deputy director of the division of conservatorship at the Federal Housing Finance Agency.
The outstanding supply of Fannie Mae, Freddie Mac and Ginnie Mae servicing continued to grow during the first quarter of 2017 despite a downturn in new mortgage-backed securities issuance by the three agencies, according to a new analysis and ranking by Inside Mortgage Finance. A total of $6.225 trillion of agency single-family MBS was outstanding at the end of March, up 1.4 percent from December 2016. That number does not include agency servicing of whole loans held on the books of Fannie and Freddie, or a smattering of adjustable-rate mortgages in seasoned Freddie securities. Freddie posted...[Includes two data tables]
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