Former FHA Commissioner Dave Stevens: “The absence of banks in FHA has been a challenge ever since the False Claims Act was used as an excessive enforcement mechanism, making it far too great a risk to participate in the program.”
Low interest rates are holding back buyers of MSRs but don’t tell that to New Residential Investment Corp. The REIT keeps acquiring bulk servicing portfolios.
After the FCA payment to Uncle Sam, JPM remained as a correspondent buyer of FHA loans but its Ginnie Mae MBS issuance volume has slipped tremendously…