The IG's office of the Federal Housing Finance Agency is working with various U.S. Attorneys on reviews of lenders’ loan origination practices to determine their compliance with enterprise requirements.
The civil action entails the alleged taking from WJB of some 5,000 loan files. It should be noted that these aren’t just any LOs – the group in question ranks among the top producers in the nation.
According to an analysis from Inside MBS & ABS, barring a sudden, unexpected shift in strategy, the Fed by the end of this year will exceed the total MBS holdings of commercial banks and thrifts.
At a Senate Banking Committee hearing, Sen. Robert Menendez, D-NJ, criticized FHFA Acting Director Ed DeMarco for his plan to reduce both the conforming loan limit and the high-cost limit.
Industry observers who closely follow the GSEs predict that other private-equity firms and hedge funds will continue to buy the preferred and common shares of Fannie and Freddie, believing they can flip the stock for a quick profit or receive a pay-out down the road.
Lobbyists and analysts who track the market are unanimous on one key issue: GSE loan limits. From what we’re told, Watt will shelve any thought of lowering the Fannie Mae/Freddie Mac mortgage limit in 2014.
Mortgage brokers accounted for 9.6 percent of all loans originated in the the third quarter, one of the lowest readings ever, according to exclusive survey figures from Inside Mortgage Finance.
Tom Popik, research director of Campbell Surveys, said buyers have a number of incentives to pay with cash. “You get about a 10 percent discount on the purchase price,” he noted.
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