A long-awaited proposal from the Federal Housing Finance Agency that would codify minimum net worth and liquidity requirements for Fannie Mae and Freddie Mac seller/servicers received mostly good reviews from the industry, but there are concerns about some of the details. For the Mortgage Bankers Association, the chief worry centers around the agency’s liquidity requirements. Released late last week, the FHFA is asking...[Includes one data chart]
The Federal Housing Finance Agency is giving no hints on where it’s headed regarding Fannie Mae and Freddie Mac guaranty fees and may not make a final decision until after March 31. But industry observers predict changes in loan-level pricing adjustments and an overall reduction in g-fees. During a press briefing this week, FHFA Director Mel Watt said, “We don’t want to charge excessive g-fees.” He added: “We can’t set them so low” that the government-sponsored enterprises are not compensated for the risk they’re taking on. “People are going to know...
Pingora Asset Management is trying to raise $500 million of additional capital to buy mortgage servicing rights from eager sellers. If successful, it will bring the young company’s investment in residential receivables up to $1 billion. According to new figures compiled by Inside Mortgage Finance, Pingora owned $25.38 billion of Fannie Mae/Freddie Mac residential servicing rights at yearend, ranking 24th among all servicers. Three years ago, it didn’t even exist. Company founder and Chief Executive Michael Lau was said...
The money will flow directly into the U.S. Treasury Department, which controls the senior preferred shares of the two government-sponsored enterprises.
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