Fannie, Freddie and Ginnie issued a combined $742 billion of single-family MBS in the second quarter, smashing a record set back in 2003, the mother lode for mortgage business.
“CRT secondary markets have remained open throughout this crisis,” Freddie Mac's Mike Reynolds told Inside Mortgage Finance. “They were dramatically impacted by the COVID liquidity technical, as all markets were, but I think its important for your readers to know that trading still occurred."
According to Monday’s decision, the president can fire FHFA Director Mark Calabria at will – whether it’s the current president, or a potentially Joe Biden...
In her letter, Rep. Waters acknowledges the need to manage the risk associated with forbearance loans, bu recommends an alternative to the steep LLPAs leveled by FHA and FHFA. Instead, the congresswoman says those costs should be spread across the agencies’ broader single-family portfolios, resulting in “near-negligible costs on any individual loan.”
The senators write: “The CFPB and FHFA must also have plans to use their respective tools and authorities to immediately address trends that indicate borrowers are receiving inaccurate information or unequal treatment, or that servicers are not complying with the law.”
KBW believes the Freddie announcement could improve valuations for mortgage servicing rights “as the market reduces its expectations for potential servicing advance costs.”
The new policy applies to borrowers who can afford to resume making their regular monthly mortgage payments, but are unable to cover the remittances they missed during forbearance...
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