The payment deferral option will go a long way in providing a much more seamless way for borrowers to get back on track in paying their mortgages, according to the CEOs of Fannie and Freddie.
A new rule proposed by the FHFA this week would ensure Fannie Mae and Freddie Mac “stay focused on their core mission and do not stray into business the market already serves well” after they exit conservatorship.
The qualified-mortgage patch will stay in place until the “mandatory compliance date” for the new general QM definition, which the bureau is still working to finalize.
Booming refi business is generating strong profits for nonbank lender/servicers, easing concerns about liquidity. Still, some nonbank servicers are calling on the Federal Home Loan Banks for financing lines.
A few weeks back there was some hope that, perhaps, the GSE adverse market fee might get scrapped. Not so. Meanwhile, Ocwen keeps trying to turn things around.
Industry watchers said a blue wave would stall GSEs’ recapitalization and exit from conservatorship and likely send FHFA Director Mark Calabria packing.
Refinance demand continued to fuel surging business in the agency market, although Ginnie dropped a little further behind Fannie and Freddie. (Includes two data charts.)
The MBA said a permanent, paid-for government backstop for agency mortgage-backed securities would be the ideal way to ensure a deep, liquid secondary mortgage market.
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