BlackRock this week joined with most other industry participants recommending that housing-finance reform include an explicit government guarantee for mortgage-backed securities backed by conventional home loans. The asset manager also highlighted the need to respect the rights of investors, ensure fungibility of the existing government-sponsored enterprise MBS in any new system and provide transparency at all levels. “This includes transparency regarding loan origination, securitization, and access to the secondary market,” said BlackRock. “We believe the role of Fannie Mae and Freddie Mac as they exit conservatorship should be clearly defined in any new housing finance system.” The firm suggested...
Fannie Mae and Freddie Mac released a draft proposal this week on how they plan to boost underserved manufactured housing, rural housing and affordable housing preservation markets for low and moderate-income families over the next three years. Based on a federal law, the Federal Housing Finance Agency’s duty-to-serve rule requires the government-sponsored enterprises to increase financing in those three areas. The plans released this week are part of an extended implementation process. A large part of the duty-to-serve conversation has focused...
Some of the slowdown in non-agency CMBS is likely due to lingering uncertainty about risk-retention requirements, which took effect at the end of 2016.
At March 31, Ditech serviced 1.9 million accounts, with an unpaid principal balance of $220.2 billion. During the quarter, the company suffered a net disappearance rate of 13.56 on its MSR portfolio.
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