He may know how to run a decent race, but does economics professor David Brat – the man who beat Rep. Eric Cantor in the GOP primary in Virginia – know the history of the mortgage meltdown?
The Department of Housing and Urban Development recently submitted to the Office of Management and Budget a draft final rule that would determine how the controversial national Housing Trust Fund would work. It remains highly uncertain that the trust fund will ever get any money; one potential source is annual contributions by Fannie Mae and Freddie Mac. The Federal Housing Finance Agency under former Acting Director Ed DeMarco determined that the government-sponsored enterprises would not contribute to the fund, but housing advocates and Democrats on Capitol Hill have called for that decision to be reversed. In its annual strategic plan released earlier this year, the FHFA said...
At the FHFA, Singh was involved in strategic planning to help attract private capital to the mortgage industry, a key goal of former Acting Director Edward DeMarco…
The number of mortgage companies in California rose 7.8 percent on a sequential basis. Nationwide, there are 392,896 federally registered mortgage loan officers…
Spot loans are currently prohibited, but the agency is said to be reevaluating the product because of reports of first-time homebuyers having difficulty in obtaining FHA financing for condo unit purchases and seniors seeking reverse mortgages to tap the equity in their units.
A potential conflict over funding of the FHA’s loan-quality improvement efforts and, possibly, of a pilot program that seeks to make broader use of housing counseling in FHA origination and servicing may be brewing as both the House and Senate moved towards finalizing their separate versions of fiscal 2015 appropriations for the Department of Housing and Urban Development. Last week, the Senate Appropriations Committee voted 29 to 1 to pass S. 2438, its FY 2015 HUD funding bill. Notably, it contains a provision authorizing HUD to charge and collect a new fee from FHA lenders in an amount of no more than 4 basis points of the original principal balance of mortgages originated by the lender that were insured during the previous fiscal year. According to the Senate provision, the new fee would be used...
The Federal Housing Finance Agency is set to take a comprehensive view of the impact any changes to the government-sponsored enterprises’ guaranty fees would have on the MBS market. Late last week, the regulator issued a “request for input” on the g-fees charged by Fannie Mae and Freddie Mac, prompting speculation that any changes to the fees won’t be implemented until 2015. The FHFA noted that the GSEs’ g-fees have increased from an average of 22 basis points in 2009 to 55 bps in 2013. The increases have been prompted by the FHFA along with Congress and changes made by the GSEs. Because of loan-level pricing adjustments – which in nearly all cases are rolled into the mortgage coupon – g-fees vary...[Includes one data chart]
WinWater Home Mortgage, a New York-based conduit managed by several Wall Street veterans, is ready to market its first jumbo MBS, but has also made inquiries about non-prime transactions as well, according to traders and lenders familiar with the company. WinWater plans to issue a $249.47 million jumbo MBS, according to a presale report released late this week by Kroll Bond Rating Agency. Not only is the bond WinWater’s first deal, it represents the first new issuance in the sector since late April when Credit Suisse came to market. The average combined loan-to-value ratio on the deal is...
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