VA Announces Special Relief Following Hurricane Lane. The Department of Veterans Affairs has issued guidance reminding servicers of measures they may use to provide relief to VA borrowers affected by Hurricane Lane. VA Announces Modification Comparison Chart; Development Updates. To provide additional clarification, VA has created a chart summarizing its different modification options. The chart will be available to servicers at https://www.benefits.va.gov/ HOMELOANS/servicers_valeri_guides.asp on Monday, Sept. 10, 2018. Also, VALERI Manifest 18.3 will be released on Sept. 8. VALERI will be unavailable from 7 p.m. EST to 11 p.m. EST. The following system enhancements will be included: CQ 13433 – Updates the redemption expiration date business rule logic in the Transfer of Custody event to pass if loan is terminated via deed in lieu; and CQ 13535 – Updates the ...
Fannie Mae, Freddie Mac and Ginnie Mae securitized a total of $82.55 billion of single-family home-purchase loans in August, their highest monthly volume of such business in the post-crisis era, according to a new Inside MBS & ABS analysis of agency MBS disclosures. [Includes two data charts.]
Rep. Jeb Hensarling, R-TX, chairman of the House Financial Services Committee, late this week finally unveiled his long-awaited housing-finance reform proposal, calling for a repeal of the federal charters of Fannie Mae and Freddie Mac.
Problems with rating models that prompted corrections on more than 650 residential MBS in recent years helped lead to a settlement between Moody’s Investors Service and the Securities and Exchange Commission.
Non-agency MBS participants are developing a representation-and-warranty framework by learning from ongoing issues in pre-crisis non-agency MBS. The latest framework developed by the law firm of Alston & Bird features a number of new provisions to help address conflicts regarding breaches of reps and warrants.
Longer auto loan terms and softer collection practices by some lenders are slowing amortization schedules and backloading losses in certain subprime auto loan ABS, said S&P Global Ratings.
Fannie Mae and Freddie Mac pose more risk to the housing finance system today than they did a decade ago, according to some witnesses at a House Financial Services Committee hearing this week.
The Blackstone Group in the past few months has taken a hard look at the operations of Incenter, a portfolio company it controls that has diversified businesses that include loan and MBS trading/investments as well as servicing brokerage, according to market sources familiar with the situation.
Fannie Mae and Freddie Mac shareholders ran into another roadblock late last month when the Eighth Circuit Court ruled that the Treasury’s net worth sweep of profits earned by the government-sponsored enterprises may not be fair, but it’s perfectly legal.
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