A few weeks back, Rep. Mark Takano, D-CA, called for Congressional hearings on the single-family rental MBS market, singling out investments made by the Blackstone Group.
Company executive Doug Reilly, commenting on the mortgage M&A market, had this to say: “It seems we need to take 20 girls to the alter just to marry one”…
Despite gains in oversight and reform of the compensation packages for Fannie Mae's and Freddie Mac's top-level executives, the Federal Housing Finance Agency did not keep a close eye on the pay packages for scores of GSE vice presidents and directors, according to the FHFA’s official watchdog. In a heavily redacted draft memo released to the public, the FHFA’s Office of Inspector General said that while the agency reviewed and examined the GSEs' executive compensation, it did not keep close tabs on “non-executive senior professional compensation practices.”
Warehouse lines of credit extended by commercial banks to non-depository lenders fell a modest 11.8 percent in the fourth quarter on a sequential basis, but executives who work in the sector are reporting usage ratios as low as 20 percent. Based on exclusive survey figures compiled by Inside Mortgage Finance, warehouse providers had an estimated $30.0 billion in commitments at Dec. 31 compared to $34.0 billion at the end of the third quarter. But a commitment is...[Includes one data chart]
“While we’re trying to lend fairly in an unfair world, the regulatory and enforcement apparatus have created this environment that we’re in and they will be looking to enforce based upon those rules,” said industry consultant Maurice Jourdain-Earl.
Investors at private equity firms told IMFnews that they believe Lawsky is using the DFS as a “bully pulpit,” paving the way for a possible run for public office.
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