Draft standards proposed by the Structured Finance Industry Group to address TRID mortgage disclosure issues adequately address the risks posed to non-agency MBS, according to Moody’s Investors Service. The rating service published a detailed analysis of SFIG’s draft proposal this week. On March 18, SFIG proposed a draft standardized approach to the scope of review for exceptions to the combined Truth in Lending Act and Real Estate Settlement Procedures Act ...
Today’s reduced liquidity is here to stay because of increased regulation and the unprecedented dominance of the Federal Reserve in the agency MBS market, said the Urban Institute. The top five dealers were responsible for about 55 percent of agency-MBS transactions in 2006, but today’s top five account for approximately 80 percent, Urban Institute analysts said. According to Inside MBS & ABS estimates, the Fed held 27.3 percent of outstanding agency single-family MBS ...
A preliminary analysis of 2015 Home Mortgage Disclosure Act reports suggests that loan denial rates declined slightly last year. ComplianceTech, a supplier of fair lending and HMDA technologies for lenders and others, recently released an “EarlyLook” at its online Lending Patterns database of HMDA reports. A group of 175 lenders had a combined $730.9 billion in mortgage originations last year, up 35.7 percent from its volume back in 2014. The 175 aren’t necessarily the ...
Freddie Mac posted a net loss and Fannie’s profits sagged in the first quarter of the year, prompting some industry groups to renew their calls for the GSEs to rebuild capital. A surprise interest rate decline in the first quarter of 2016 resulted in sharply lower net income at Fannie and Freddie. The GSEs booked a combined $7.37 billion in net derivative losses for the first quarter that compromised most of their income from their core businesses. Since 2012, when the two GSEs became profitable again, they have booked $23.46 billion in hedging losses. Both GSE CEOs pointed to volatility in the market as having affected earnings this quarter.
Mortgage officials tracking the case note that almost a year ago Quicken raised $1.25 billion through a debt sale, money that can be employed for legal help as it fights the DOJ case.
In general, private mortgages are extended by the owner of the property to a borrower through a private contract. Terms can vary greatly from deal to deal.
Perhaps, the time is drawing near to once again raise the thorny issue of whether the Department of Housing and Urban Development should cut FHA premiums...
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