A number of nonbanks added significantly to their Freddie servicing portfolios during the first quarter, raising the industry's stake to over half of the market. Meanwhile, delinquency rates fell sharply in early 2021. (Includes two data charts.)
The January amendments to the PSPA require the GSEs to follow the new QM rule, even though CFPB may not enforce the rule until October 2022. That means Fannie and Freddie will no longer purchase GSE patch loans after July 1.
Mortgage industry observers increasingly argue that Fannie Mae and Freddie Mac should be regulated as utilities. But conservative critics say, “Not so fast.”
Slumping purchase-mortgage business drove Fannie/Freddie MBS volume lower in the first quarter, but securitization of refinance loans remained robust. (Includes two data charts.)
Fannie Mae CEO Hugh Frater violated conflict of interest rules not once but at least three times, according to the Federal Housing Finance Agency’s Office of Inspector General.