The National Association of Federal Credit Unions is afraid that new GSE buyback policies promulgated by the Federal Housing Finance Agency could lead to a secondary mortgage market with fewer products and less competition from credit unions and smaller lenders. In a new comment letter to the agency, Dan Berger, NAFCU’s executive vice president of government affairs, said any new buyback requirement would hurt CUs disproportionately because these so-called nonprofit lenders “do not have the volume
The federal judge in charge of overseeing multiple lawsuits filed by the Federal Housing Finance Agency against non-agency mortgage-backed securities issuers for misrepresenting deals that were sold to Fannie Mae and Freddie Mac rebuffed yet another motion by one of the banks to shut down the legal action.
In a few weeks the White House will release its new budget and theres increasing speculation that it will ask for $3 billion to $5 billion for the beleaguered FHA Mutual Mortgage Insurance Fund
Citigroup has joined the club of megabanks marking up the asset value of their mortgage servicing rights. Shares of Genworth spiked, and other mortgage news briefs.
Fannie Mae is ending the practice of assigning different guaranty-fee discounts to the various affinity groups or cooperatives that pool mortgages for sale into the secondary market, Inside Mortgage Finance has learned.
The Mortgage Bankers Association this week launched a new task force to study the future of the GSEs, naming 17 industry executives from residential finance-related firms both large and small. MBA president David Stevens told Inside Mortgage Finance that his goal to have the working group publish a final working paper on what to do with Fannie Mae and Freddie Mac by mid-year 2013. “This task force is very inclusive of the industry,” said Stevens.
Freddie Mac acquired $62.5 billion of mortgages from its seller/servicers in November, its best purchase month since June 2009, according to figures released by the secondary market giant.
Remember the 4.4 million delinquent mortgagors who were done wrong by the nations mega-servicers and lost their homes to foreclosure? Remember how the Comptroller of the Currency launched a program in 2011 to let these mortgagors appeal? Well, apparently...