The GSEs continue to offload delinquent loans in their mortgage portfolios, bringing the tally of loans sold since 2014 to 117,466 with an unpaid balance of more than $22 billion. Page 9.
One of the last legal dramas from the subprime crisis took a surprise turn last week when FHFA sued Wells over a case that had been settled earlier this year. At stake: more than $1 billion in RMBS issued 13 years ago.
The FHFA director adds nonbank counterparty risk to his list of concerns. He is pushing for more competition as a solution for reform. But Realtors have concerns of their own: keeping an explicit government guarantee.
It’s only a matter of time before the Treasury Department unveils its GSE re-form blueprint to White House insiders. But which advisory firm will assist Treasury in selling a new class of Fannie/Freddie stock to the public?
Economists at the National Association of Realtors prefer a public utility model for the GSEs; FHFA director touts the multi-guarantor approach. The trade group uses an appearance by Calabria as an opportunity to highlight the differences.
The new FHFA director tells Realtors what he will and won’t do for GSE reform. The keys: more capital, more competition, more transparency. The problem: The agency can’t do it all on its own.
The regulator continues its hiring spree, plundering liberally from other departments. We hear Craig Phillips, Treasury’s point man on housing-finance reform, is available.
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