Just how big is Wells Fargo's Ginnie Mae market share? At Sept. 30, the bank controlled 31.53 percent of the market. Its closest competitor was JPMorgan Chase with a mere 11.75 percent.
The Alt A origination estimate is based on the volume of first-lien conventional mortgages with interest rates ranging from 150 basis points over the prime mortgage rate to 300 bps over.
The GSEs are beginning to take in a significant amount of money from R&W settlements, but both stand to reap an even larger windfall from a pending civil lawsuit filed by the FHFA against 17 issuers of private label MBS.
Meanwhile, the regulator Monday morning unveiled new master policy requirements for the MI industry, which will make it harder for insurance firms to get out paying claims on defaulted mortgages.
Standard & Poors recently published an updated estimate of likely losses stemming from mortgage-related litigation, finding that banks face future costs of $56.5 billion to $104 billion.
The Department of Housing and Urban Development expects to issue the long-anticipated FHA FY 2013 independent review of the state of the FHAs Mutual Mortgage Insurance Fund on or before the middle of December. The reports release was delayed due to the three-week government shutdown in October.
The once deadlocked, but now all-but-certain, confirmation of Rep. Mel Watt, D-NC, to be the new director of the Federal Housing Finance Agency has left industry observers uncertain as to the continued policy direction of the FHFA.