The loans in the new Redwood deal have the strong characteristics associated with jumbos, including an average credit score of 766 and a combined loan-to-value ratio of almost 71 percent.
When it comes to auditing mortgage lenders, does the CFPB know what it’s doing? It all depends on who you talk to. Also, the FHFA cracks down on force placed insurance (again).
It was pretty much stimulus as usual at the Federal Open Market Committee this week, as the Fed showed not the slightest indication of when it would begin winding down the third phase of its quantitative easing program, known informally as QE3 when it was first unveiled, but increasingly referred to as QE Infinity by those who emphasize its long, drawn-out nature. The status quo results mean the Fed will continue adding to its agency MBS portfolio at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month, and keep plowing its principal payments from its agency debt and MBS holdings back into agency MBS and rolling over maturing Treasury securities at auction. Among those voting in favor of keeping the Fed’s pedal to the metal were...
As leaders of the Senate Banking, Housing and Urban Affairs Committee continue their slow but steady efforts to craft a comprehensive, bipartisan mortgage finance reform bill, experts generally agreed on the necessity for some sort of government backstop for MBS but differed on the details. This week’s hearing was the first of several planned by Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, as they work to build out their own reform legislation on top of the bill, S. 1217, filed earlier this year by Sens. Bob Corker, R-TN, and Mark Warner, D-VA. Johnson said...
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