Overly conservative accounting, subpar servicing, lack of claims data and a desire to protect taxpayers from mortgage-related losses contributed to the material flaws in Ginnie Mae’s FY 2014 financial statements. Ginnie Mae is working to implement a recommendation by the Department of Housing and Urban Development inspector general to use generally accepted accounting principles (GAAP) in restating its 2014 financial statement and adjusting affected prior-year financials, according to Ted Tozer, president of the agency. Tozer noted...
FCI Lender Services, the nation’s largest private-money servicer, is sticking its toe in the lending market by teaming up with Blackrock Mortgage Investment to extend credit to investors in single-family rental properties. This month, the Anaheim, CA-based FCI rolled out two SFR products and one tied to investors looking to buy nonperforming mortgages. According to a rate sheet provided to Inside Mortgage Trends, one of the SFR products requires...
Since the federal takeover, the Treasury Department has provided $116.1 billion in assistance to Fannie with the GSE returning (once the 3Q dividend is paid) $144.8 billion...
The sale is notable not only for its size, but for the fact that MBS and Morvest – partners on this auction – don’t normally sell servicing rights as part of their advisory practices.
The latest tally from Inside The GSEs has Fannie and Freddie repaying all of their borrowings from the U.S. Treasury plus an additional $50.6 billion – money that has gone directly into the government’s coffers.
There has long been a concern in the market that if either GSE has a negative net worth, that investors will stop buying their MBS, which would cause the home buying process in America to crumble.
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