IG Looking into Role Secretary’s Family Plays at HUD. The Department of Housing and Urban Development’s inspector general is looking into the role members of Secretary Ben Carson’s family have played at the agency, CNN reported this week. According to the report, Carson himself called for the IG review following an earlier Washington Post report that HUD officials are raising ethics questions about the activities of Carson’s son and daughter-in-law at the agency, including helping to organize a listening tour for the new secretary in Baltimore last year. HUD’s lawyers reportedly warned Carson of a potential violation of federal ethics rules, according to an internal memo the Post obtained through the Freedom of Information Act. Ginnie Mae MBS Outstanding Increases to $1.9 Trillion. Ginnie Mae’s mortgage backed-securities issuance totaled $36.4 billion in January, which included ...
The banking industry continued to show tepid interest in the non-mortgage ABS market as 2017 came to a close, according to a new Inside MBS & ABS ranking and analysis.
Ginnie Mae’s recent action to curb loan churning and faster prepayments will not be the last as the agency strives to protect veteran borrowers and investors against predatory refinancing practices, according to analysts.
The House last week passed a bill that industry participants insist will add stability to the secondary market. It would effectively overturn a 2015 court ruling that has introduced uncertainty for MBS and ABS, according to the Structured Finance Industry Group.
The average daily trading volume in agency MBS totaled $236.1 billion in January, the highest reading of the past year, and a sign that liquidity is strong. Compared to the month prior, trading activity increased by 12.8 percent, according to the Securities Industry and Financial Markets Association.
Even though the chances of housing-finance reform passing this year are growing dim, it hasn’t stopped the mortgage industry from promoting a model where a “guarantor-based” system eventually emerges.
The credit-risk transfer market created in recent years by Fannie Mae and Freddie Mac is better poised to warn of systemic risk than the MBS market was prior to the financial crisis, according to new research by Susan Wachter of the University of Pennsylvania’s Wharton School.
The Securities and Exchange Commission completed an enforcement action last week against Deutsche Bank Securities and a former head trader at the firm regarding sales of commercial MBS between 2011 and 2015.
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