Apartment dwellers must be given the “flexibility” to repay back rent over time. However, the new guidance shouldn’t be interpreted by tenants as a get-out-of-jail-free card. As FHFA Director Mark Calabria put it: “If tenants are able to pay their rent, they should continue to do so.”
With FHA late payments accelerating in the wake of the coronavirus pandemic, all eyes turn to the financial health of the Mutual Mortgage Insurance Fund. Is it time to worry?
A big problem: For one non-QM MBS, dv01 identified 233 loans that are actively modified while the trustee reported only 41 and the master servicer reported 74.
The deal received preliminary AAA ratings from Moody’s Investors Service and S&P Global Ratings, with credit enhancement of 13.75% on the senior tranche.
However, despite the bad news on late payments and set-asides, MGIC wrote new insurance on $28.2 billion of residential product, an impressive sequential gain of 55.5%.
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