Is warehouse credit getting so tight that some nonbanks are considering ei-ther purchasing or becoming affiliated with a federally insured depository? Looks that way.
Ginnie Mae came to the rescue of a handful of MBS issuers with its PTAP program. Meanwhile, Fannie/Freddie issuers needing cash because of the pandemic have some new options, but will they be used?
Thanks to economic damage caused by the coronavirus, the non-QM market is in tatters. Yet, opportunity abounds in the junk heap. Will Citadel become a specialty/subservicer?
The GSEs reportedly are in the hunt to hire special servicers to handle COVID-19-related forbearance claims. The reason: Some nonbanks may be living on borrowed time.
Mortgage bankers have been clamoring for liquidity help from the FHFA. This week, the agency delivered on the issue of the GSEs buying COVID-19-related forbearance loans, but then lenders read the fine print.
A FHFA spokesman told Inside Mortgage Finance the pricing approved by the agency is “fair and reasonable. He added: “We have heard these loans would sell for much lower prices (15-20% discounts) in private markets.”