In a new letter to CFPB Director Richard Cordray, the ICBA and 41 state affiliates say they want a “reasonable transition period of nine to 12 months."
Mortgage professionals who work the M&A trade contend that interest in residential finance is not waning in the least, but potential buyers are being a bit more choosey these days.
The Federal Housing Finance Agency has directed the two GSEs to accelerate their portfolio trimming by focusing on “less-liquid” assets other than their own MBS.
It is unclear how much money is needed to recapitalize RMIC, which is currently in a run-off mode, but Old Republic plans to contribute up to $50 million and raise additional funds in the capital markets to resurrect its MI subsidiaries.
Fannie Mae and Freddie Mac picked the low-hanging fruit first and sold large chunks of their most liquid “less-liquid” assets during the third quarter of 2013 as the government-sponsored enterprises continued to shift their business away from retained investments. The GSEs reduced their combined holdings of commercial MBS by 32.1 percent during the third quarter, according to a new Inside MBS & ABS analysis of their retained portfolios. The Federal Housing Finance Agency has directed the two companies to accelerate their portfolio trimming by focusing on “less-liquid” assets other than their own MBS. The commercial MBS market has been...[Includes one data chart]
The Center for American Progress called on FHFA to keep g-fees at current levels “until there is reliable evidence” to suggest that the government needs more revenue to cover the cost of the guaranty.
It was the now-senior Democrat senator from Massachusetts, Elizabeth Warren, who faulted the Fed for enabling the financial crisis that prompted such an unconventional accommodative response in the first place.
One last thought on Berkowitz and Fairholme: To get Congress to listen to your ideas you have to donate money. Berkowitz can check that box off his to-do list. He has been a generous donor to Republicans and Democrats alike over the past two election cycles.
The focus on purchase mortgages became urgent as interest rates started to increase in May, settling for the moment about 100 basis points higher than they were in April, reducing demand for refinances.
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