FHFA said it originally approved the purchase of forborne loans to improve liquidity in the market. On Wednesday, agency Director Mark Calabria reiterated that assertion: “Extending these COVID-19 flexibilities helps keep the mortgage market moving and borrowers safe during the pandemic.”
However, FHFA made it clear the agency is not cancelling the new fee, which it says is intended to help Fannie and Freddie defray the costs associated with COVID-19 relief. The agency says those actions have conservatively cost the enterprises $6 billion...
The top three jumbo originators in 2Q20 were all megabanks: Wells Fargo, Bank of America and JPMorgan Chase. The only nonbank among the top-10: Quicken...