A recent research note from Sterne Agee predicts higher operating costs for Ocwen because of its ongoing regulatory disputes with the New York Department of Financial Services.
FHFA’s Watt Promises a CEO for the CSP by Year-end. After a year of searching for a chief executive to lead Common Securitization Solutions, the Federal Housing Finance Agency is getting closer to picking a candidate for the job. Speaking at the annual convention of the Mortgage Bankers Association in Las Vegas last week, FHFA Director Mel Watt promised the industry that a CEO would be named by Dec. 31. The FHFA’s search firm is Spencer Stuart.
Together, Fannie Mae and Freddie Mac in September posted a combined increase in the volume of single-family mortgages securitized, according to a new Inside The GSEs analysis. Fannie and Freddie issued $64.1 billion in single-family mortgage-backed securities in September, a 4.9 percent increase from August. However, September’s MBS issuance was down 56.7 percent on a year-to-date basis.
The Federal Reserve’s quantitative easing tapering will put a dent in Fannie Mae and Freddie Mac guaranty fee revenues, according to the Federal Housing Finance Agency’s Inspector General. The evaluation report issued by the IG last week concluded that as the central bank pulls back from the mortgage-backed securities market, interest rates will drift higher and the GSEs will do less business, meaning declining g-fee revenue.
One veteran mortgage trade group official, a staunch Republican no less, told us that Lawsky is an “honest and bright guy,” adding that he understands the issues.
The new net worth and liquidity requirements and other policy changes announced by Ginnie Mae last week should be viewed in light of the agency’s increased servicer risk stemming from a “new breed” of entities that have entered the market in the wake of the financial crisis, according to analysts. The sharp increase in the share of non-bank servicers has significantly altered Ginnie Mae’s risk exposure to servicer issues, noted analysts at Barclays. “Specifically, the liquidity and capitalization of these non-bank servicers, which are not subject to such requirements for bank servicers, leaves Ginnie Mae exposed to servicing disruptions,” they said. In 2015, Ginnie Mae will adjust...
An internal conflict within the Securities and Exchange Commission is reportedly holding up final resolution of Bank of America’s record $16.65 billion settlement with government agencies. The settlement, announced last August, is stalled due to a partisan dispute among the five SEC commissioners over granting a waiver on additional sanctions that would take hold when the settlement is entered into court. The sanctions, if enacted, could adversely affect...
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