Attorneys with the Ballard Spahr law firm noted that, “If the DOJ gets its way, the CFPB would remain intact with a director that President Trump can replace at any time.”
Approximately $18.8 billion in rural housing loans with a U.S. Department of Agriculture guarantee were delivered into Ginnie Mae pools in 2016, according to an analysis of Ginnie data. Securitization of USDA loans was up 3.9 percent from the previous year. Fourth quarter production, however, was off 10.3 percent from the prior quarter, slowing down production of USDA loans during the period. Ditech Financial, which ranked 15th among the top Ginnie Mae issuers of mortgage-backed securities backed by USDA loans, ended 2016 with $284.9 million. That was up a staggering 4712.9 percent from 2015. Chase Home Finance led the market with $3.6 billion in 2016, despite hefty declines quarter-over-quarter and year-over-year. Second-ranked PennyMac closed the year with a total volume of $2.1 billion, while Freedom Mortgage, in third place, reported $2.0 billion, a whopping ... [ 1 chart ]
Thanks to strong growth in the agency market, the supply of single-family MBS outstanding continued to grow over the final three months of 2016, a new Inside MBS & ABS analysis reveals. Agency MBS outstanding pushed to a new record, $6.034 trillion, as of the end of last year. The biggest gainer continued to be Ginnie Mae, which reported a 2.2 percent increase in the fourth quarter and a 7.7 percent gain for the year. Freddie Mac matched Ginnie’s fourth-quarter increase, but its year-to-date gain was smaller, 4.2 percent. Fannie Mae had...[Includes two data tables]
For the third time in as many years, the U.S. Federal Reserve decided to raise the federal funds rate by 25 basis points this week, as widely expected – only this time, the Fed didn’t wait until the very end of the year. The FOMC’s revised projections are for two additional quarter-point rate hikes later this year, three next year and three or four the year after. World stock indexes rallied...
Industry practices that are developing around risk-retention requirements for MBS and ABS might be rejected by federal regulators, according to a former special counsel at the Securities and Exchange Commission. The Dodd-Frank Act established risk-retention requirements for various types of MBS and ABS. The rule generally requires sponsors of a security to retain at least 5.0 percent of the issuance, in an effort to align the interests of issuers with the interests of investors. Among the options to comply with risk-retention requirements, sponsors can retain...
Ginnie Mae’s outdated organizational structure and staff levels have made it difficult for the agency to properly monitor and mitigate the risk posed by the increasing number of nonbanks participating in its MBS programs, according to the Department of Housing and Urban Development’s inspector general. In a recent briefing paper, HUD Inspector General David Montoya highlighted challenges Ginnie faces in monitoring nonbanks, adding that HUD is currently being audited by the IG to gauge its capacity to track and supervise nonbanks, said Montoya. Ginnie acknowledged...
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