The six-month tally would be at least $45 billion. The calculations from the research firm take into account prepayment cash flows buffering principal and interest advance requirements.
The $13 million Milbank contract, which follows the agency’s February selection of Houlihan Lokey as its capital markets advisor, suggests the FHFA remains committed to recap-and-release.
At March 31, Mr. Cooper serviced $629 billion worth of home mortgages, including $129 billion of Fannie Mae/Freddie Mac product and $108 billion of Ginnie Mae loans. However, roughly half its portfolio, $317 billion, is represented by subservicing contracts.
Apparently, it’s not Ginnie Mae MBS payments that are keeping the 15 up at night, but remittances on Fannie Mae and Freddie Mac single and multifamily securities. Private-label products also pose a concern.
FHFA Director Mark Calabria: “The lenders I’m talking to have said that 75% to 80% of their calls are from people who are not yet facing hardship. They just want to know what their options are.”
Additional community development activities (loans, investments or services that support digital access, health care, small business operations and food supplies) will receive consideration for CRA credit during the pandemic.
The new “flexibilities” cover both originations and appraisals. On the origination front, Fannie and Freddie will reduce the acceptable age of income documentation on most loans to 60 days from 120...
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