Ginnie Mae this week urged issuers to ensure that electronic protections against unauthorized automated payments from accounts do not impede the agency’s ability to draft funds from issuers’ accounts to pay investors. In a letter to stakeholders, Ginnie cautioned issuers to make certain that the ACH debit blocks they have in place would not hinder the agency from accessing funds in the central principal-and-interest custodial accounts on the 15th and 20th of each month. ACH debit blocks help prevent fraud by barring unauthorized payments from accounts and allowing companies to designate a specific person to post electronic debits to the payee’s account In addition, Ginnie asked issuers to implement a process of checking whether funds have been drawn at 7 a.m. EST on each 15th and 20th day of the month. “It is critical that each issuer also have in place a process for ...
After more than a year under President Trump, the MBS and ABS markets have seen minimal loosening of standards from federal regulators. Issuers are optimistic that reforms are coming as federal agencies have been more receptive to feedback, while investors are fighting for risk-retention requirements to be maintained.
Issuers of MBS and ABS know that the reporting of the London Interbank Offered Rate could end in 2021, but there’s no clear plan at this point for how to address the issue.
Pacific Investment Management Co. over the past few weeks has been gobbling up large portfolios of reperforming mortgage loans, winning auctions by accepting lower returns.
New York Attorney General Eric Schneiderman this week announced a $500 million settlement with Royal Bank of Scotland to resolve allegations of misconduct in the sale and issuance of non-agency MBS leading up to the 2008 financial crisis.
The White House this spring is expected to officially nominate Michael Bright, acting president of Ginnie Mae, to formally become the agency’s chief, according to industry officials
A new report from the Federal Reserve Bank of New York says the credit-risk transfer programs launched by Fannie Mae and Freddie Mac a few years ago have helped stabilize the mortgage securities market.
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