In a statement, MBA Chief Economist Mike Fratantoni said, “The job market has cooled somewhat over the past few weeks, with layoffs increasing and other indications that the economic rebound may be losing some steam because of the rising COVID-19 cases throughout the country. It is therefore not surprising to see this situation first impact the Ginnie Mae segment of the market.”
In the announcement extending the policy, FHFA Director Mark Calabria offered a defense of the stiff surcharges, saying, “Lenders have a responsibility to ensure that borrowers can make their monthly payment.”
Given the widespread shuttering of consumer-focused businesses due to the coronavirus, it’s no surprise that securitization of loans on retail properties plummeted 90.1% to just $275.0 million.
Fannie Chief Financial Officer Celeste Brown credited the recently adapted current expected credit loss (CECL) standard for the improved showing because the mortgage giant now looks at lifetime losses whereas before it would have just looked ahead two years.
According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.
The added cost associated with servicing a mortgage in forbearance gives servicers an incentive “not to follow the mandates of the CARES Act and implementing guidance,” investigators said.
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