While the Consumer Financial Protection Bureau’s plan to extend the qualified-mortgage patch was not unexpected, its proposal to eliminate the debt-to-income threshold has sparked a debate.
The Financial Stability Oversight Council would have to complete a number of steps before it can subject nonbank lenders and servicers to increased over-sight and prudential standards.
Investment banking firms hoping to land the Fannie/Freddie “re-IPO” con-tract need to convince FHFA’s GSE advisor first. Problem is: We don’t know who the advisor is, at least not yet. We may soon.
While industry groups argue the integrated mortgage disclosure rule is overly burdensome for lenders, consumer advocates caution the CFPB from taking any drastic steps.
Since the launch of the single security, investors have increasingly turned to the use of specified pools rather than the TBA market, said Bob Ryan, a former FHFA official and one of the architects of the UMBS.
To make sure property markets aren’t creating excessive systemic risk, it’s important for regulators to look at the issue broadly, said FHFA’s Mark Calabria. That’s where an activities-based approach is critical.
The stock market boomed in 2019 and mortgage stocks followed right along. Mortgage insurance equities had nice gains but the top performers were Fannie Mae and Freddie Mac. (Includes data chart.)
Mortgage industry stakeholders reacted differently to California Gov. Gavin Newsom’s plan to create a state-level CFPB aiming to fill the vacuum left by a rollback at the federal level.
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