In a spurt of new activity unveiled at the annual convention of the Mortgage Bankers Association this week, Fannie Mae and Freddie Mac are ramping up the competition between each other, announcing new programs and partnerships and acting as though housing reform is not on the radar anytime soon. And it may not be. While rumors have swirled recently, hinting that the government-sponsored enterprises may be released from conservatorship, White House and Treasury officials confirmed this week that there are no such plans to recapitalize and release the two from government stewardship. “None of us should be misled...
Michael Fratantoni, chief economist at the Mortgage Bankers Association, said the GSEs’ back-end risk-sharing deals do not represent the type of reform most industry participants would like to see.
One of Fannie’s and Freddie’s reputed “sins” was donating large sums of money to politicians who, in turn, ran interference for them on Capitol Hill...
Consumer complaints to the CFPB about mortgages filed during the third quarter fell in most of the significant categories tracked by Inside the CFPB – with issues about the application and origination process being the one notable exception. Gripes in this regard rose 4.1 percent from the second quarter to the third, and increased a larger 12.6 percent at the nine-month mark versus a year ago, our latest analysis found. But at just 1,644 complaints, the number of homebuyer criticisms in this regard pales when compared to the huge number of mortgage applications and originations made during the same period. It is also important to note the seasonality associated with complaints in this area, as they tend to be highest during ...
A lawyer by trade, Watt noted: “Unfortunately, legal constraints prevent me from saying much about this because we are in the period between the end of the comment period and the time we issue the final rule.”
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