Mark Calabria: "Just like other large financial institutions, these plans will provide Fannie Mae, Freddie Mac and FHFA with a roadmap for preserving business continuity should they fail again."
Jeffrey Naimon, a partner at Buckley, warned that CFPB enforcement lawyers are pressing hard on discovery issues — requiring investigational targets to provide more information faster.
While the Treasury and FHFA said the 7% cap was “aligned with the current levels” of acquisitions by the GSEs, some analysts believe the loans have accounted for somewhat more than 7% of purchases by Fannie and Freddie each year since 2013.
The upfront MIP is 175 bps of the base loan amount on a 30-year fixed-rate FHA single-family loan. Most FHA borrowers pay an annual MIP of 85 bps for the full life of the loan.
The longer timeline allows lenders more time to offer QM loans based on a homeowner’s debt-to-income ratio and not solely based on certain pricing thresholds...
Veteran mortgage attorney Gus Avrakotos: "With advances in technology, if there ever is a time to seriously consider dispensing with branch office licensing, this is the time."
HUD Secretary Marcia Fudge: "The lift is heavy. Black homeownership is less than it was when the Fair Housing Act was passed in 1968 and the percentage of minorities who own homes is a disgrace to the nation.”
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