FINRA made some concessions to the industry in the proposal issued in October, but many MBS traders warned of dire consequences if the proposed margin requirements take effect.
The inspector general of the Department of Housing and Urban Development refused to sign off on Ginnie Mae’s fiscal 2015 financial statement and its restated financial statement for FY 2014 due to lingering concerns about the accuracy of both statements. The IG said it was unable to obtain sufficient evidence to express an audit opinion on the fairness of the $5.4 billion in non-pooled, defaulted mortgage loans still held by Ginnie Mae. The agency also continued to use improper ...
In the same blog post, Hsieh – who did not talk to the press about the scuttled IPO – described loanDepot as a “unicorn startup,” calling it “one of the very few success stories not from Silicon Valley.
An estimated 32.5 percent freefall in refi originations during 3Q had a much bigger impact on the conventional market than on government-insured lending.
The Department of Housing and Urban Development said it has no plans for now to reduce the FHA annual mortgage insurance premium further in the wake of an annual report to Congress showing the Mutual Mortgage Insurance Fund in better health and achieving a required capital reserve ratio a year sooner than experts predicted. In a press briefing, HUD Secretary Julian Castro said talk about any potential pricing change would be premature despite a ...
Industry groups view recently-issued temporary guidelines for approving condominium projects for FHA finance as limited but positive, with the hope that other issues can be addressed in a more comprehensive rulemaking. Announced on Nov. 13, the interim guidelines took effect immediately and will remain for one year to give FHA sufficient time to implement more comprehensive condo rule changes. They include certain changes to the current lengthy and complex ...
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