Ginnie Mae this week provided new details to the long-anticipated plan for increased issuer net worth and liquidity and a new performance scoring method for issuer activity – changes that could adversely affect small issuers and portfolio servicers. In remarks at the Mortgage Bankers Association’s annual convention in Las Vegas, Ginnie Mae President Ted Tozer said the changes are part of a larger effort to ensure the continuing flexibility and availability of the agency’s mortgage-backed securities program to as many entities as possible. New types of issuers and counterparties have entered the agency-backed MBS market in the wake of the financial crisis, which called for adjustments and tailored approaches to the evolving housing finance market, Tozer noted. Tozer said both policy changes and staff expertise will ensure the success of ...
The new nonbank task force includes representatives from nine state regulators, including the New York Department of Financial Services where Benjamin Lawsky is the superintendent.
David Steckel of Bank of America said his institution has focused on capturing more of the customers who fit into the company’s credit box rather than making that box bigger.
To account for the risk posed by the small loan pool, Fitch applied a penalty of 1.07-times (a 7.0 percent penalty) to the lifetime default expectations for the MBS...
One servicing analyst told IMFnews that if Ocwen continues to get downgraded on its servicer ratings it could be forced to sell MSRs and/or post additional capital.
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