One of the key functions of the GSEs is to pool risk nationally for the benefit of underserved borrowers, and any capital framework for the enterprises has to build in this cross-subsidy, according to housing advocates.

The final version of the bill exempts mortgage licensees from the expanded oversight and enforcement authority the state agency will have.

After hearing the industry’s clamor, the FHFA delayed the 50-basis-point fee while also exempting low-balance loans.

Mortgage firms in California may face expanded scrutiny over unfair, deceptive and abusive practices, if the proposal passes through.

In 2008, there were 49 depositories with at least 51% Black ownership. By the first quarter of 2020, that number had fallen to just 21.

According to Ted Tozer, former Ginnie Mae president, lenders experienced aggressive disparate-impact litigation during the previous administration, resulting in initial support for revising the disparate impact rule.

At a congressional hearing, Democrats on a House subcommittee detailed instances where mortgage servicers provided initial relief for only 90 days compared to a 180-day mandate under the CARES Act.

The action doesn’t come as a total surprise. Industry attorneys said the CFPB, even under a business-friendly GOP, has been itching to do so for several years.

Non-agency mortgages aren’t covered under the CARES Act, leaving servicers of such loans to rely on a combination of standards set by the GSEs and individual MBS contracts.

The number of pandemic-induced foreclosures may not be as high as following the 2008 housing crisis due to the different nature and condition of the current economic downturn, according to industry experts.