The rising role of nonbanks in the Home Affordable Modification Program along with a perceived lack of oversight has a HAMP watchdog calling for greater regulation of nonbank servicers. Nonbank servicers currently handle the majority of loans in HAMP, a shift from the early years of the federal program when the majority of mortgages were serviced by large banks. In a report released last week, the Special Inspector General for the Troubled Asset Relief Program noted...
An unanticipated decline in interest rates soured the hedging bets placed by Fannie Mae and Freddie Mac during the first quarter of 2016, leading to sharply lower net income at the two government-sponsored enterprises. The two GSEs booked a combined $7.37 billion in net derivative losses for the first quarter that nearly washed out income from their core businesses. Since 2012, when the two GSEs became profitable again, they have booked huge $23.46 billion in hedging losses. “As we’ve said for over a year now, our quarterly financial results are...
A past study commissioned by FEMA estimated that the areas designated as special flood areas will increase by 45 percent by the end of this century. In coastal areas, such designations would increase by 55 percent.
For the past several weeks, speculation was rife that if the yield on the 10-year bond remained under 2.0 percent at March 31 Freddie might book a large hedging loss...
Some mortgage lobbyists predict Watt – a lawyer by training and a former Congressman – will pull the recap lever by the end of the Obama administration...
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