Firms hoping that new guaranty fee and loan-level price adjustments promulgated by the Federal Housing Finance Agency might boost the jumbo MBS market were sorely disappointed when the final details were released by the agency late last week. One executive who works for a real estate investment trust that issues jumbos said it’s clear to him that Fannie Mae and Freddie Mac are continuing to “misprice” their g-fees. He would love...
Former FHA chief David Stevens said use of the False Claims Act as a “legal sledgehammer will now be tested by one of the highest quality FHA lenders in the nation.”
Most lenders already doing business with Fannie Mae and Freddie Mac expect to offer the new low-downpayment options available from the government-sponsored enterprises, though few expect to see much pickup in their originations. A new Fannie survey found 81 percent of lenders intend to offer the 97 percent loan-to-value ratio mortgage sometime this year. About 8 percent said they’re not interested and the rest weren’t sure. But of those planning to offer the product, only ...