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.
In his first report to Congress as director, Mark Calabria describes how new accounting standards, credit-risk transfers and high interest rates cut into profits at the GSEs.
It's common knowledge in the industry that the Treasury Department is working on a recap-and-release plan for Fannie Mae and Freddie Mac. To pull off such a massive undertaking the government will need an investment banker. But who?
The bureau's latest regulatory agenda includes plans to address the fate of the qualified mortgage "patch," but drops items regarding the use of disparate-impact theory in fair lending laws.
In a speech this week before the annual secondary market conference of the Mortgage Bankers Association, FHFA Director Mark Calabria sounded a little bit like the Mark Calabria of the Cato Institute.
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