FoAM sees a growing potential in HECM securitizations and is expanding its menu in the space. Meanwhile, its SPAC/IPO has been green-lighted for early April.
Many lenders were under the impression the new restrictions on Fannie’s and Freddie’s acquisition of mortgages for second homes and investment properties would go into effect next year. Apparently not.
The Ginnie Mae early buyout game is catching on fast, with new players entering the fray. loanDepot recently increased a repo line, bolstering its ammunition.
Under the new proposal, agency MBS received through reverse purchase agreements would not be considered high-quality liquid assets, a departure from coverage ratio standards used by bank regulators.
The CFPB proposed extending the GSE “patch” through September 2022 while new leadership at the regulator considers revisions to the general QM standards.
The government-sponsored enterprise plans to issue $3 billion to $5 billion in MBS based on pools of reperforming loans with principal forbearance this year.