In a new opinion piece, former Freddie CEO Don Layton argues against having multiple MBS guarantors, a position he’s taken in the past. Layton, who now bides his time at the Harvard Joint Center for Housing Studies, argues the barriers to entering the secondary guarantee business are high, “possibly even insurmountable.”
An exclusive new analysis found that 14.8% of loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter were originated by mortgage brokers. That’s the highest broker share seen since all three agencies began reporting loan-level data that include, among other things, production channel.
Chris George, CEO of CMG Financial and the current chairman of the MBA, provided an update on the effort this week at the California Mortgage Bankers Association’s western secondary market conference in San Francisco.
Keep in mind: A handful of senior officials who worked in the bureau’s supervision and enforcement division quit this year, including Assistant Director Christopher D’Angelo and Enforcement Director Kristen Donoghue...
Both these banking giants rely on a mix of retail and correspondent lending to source production, oftentimes acquiring already-funded loans from nonbanks they’re providing warehouse credit to.
Boom times: Presale reports for three expanded-credit MBS were published on Monday. Meanwhile, the second-largest post-crisis deal is in the works and JPMorgan Chase is set to issue another non-QM MBS.
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