In its heyday, S&P used to rate more than 90 percent of new issuance of non-agency MBS, but in 2013 it accounted for just 40.0 percent of the market by dollar volume.
One executive, requesting his name not be used, said, “It completely wrecked our last day of the month. We were unable to sending closing packages, send disclosures, export files and such.”
A group called The 60 Plus Association has released TV and radio ads in seven states targeting Senate Banking Committee Members who are sponsoring GSE reform legislation. The group claims the bills “allow the government to take over the mortgage industry in an action 'disturbingly similar' to Obamacare.”
Although some jumbo market participants have called for a reduction to GSE loan limits, most of the mortgage industry – and members of Congress – prefer the current levels.
Inside FHFA Lending also found another interesting trend: The top 50 HECM lenders are dominated by nonbanks, some of which are relatively new to the space.
As for the new GSE bill from Rep. Maxine Waters, D-CA, the research firm notes that the legislation will not even be considered in the Republican controlled House.
To date, the use of eminent domain to restructure residential loans has garnered a ton of headlines in the financial press, but has posted little in the way of success.
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