One servicing advisor told us he anticipated his clients (smaller shops) would likely take a hit of 2 to 5 bps on their MSRs, but it looks like the big boys are reporting numbers that are worse than that...
The megabank – a bellwether for the residential finance industry – also reported that mortgage banking income fell 38.5% sequentially to $466 million...
Keep in mind that, Ginnie MBS is back-stopped by the full faith and credit of the U.S. government. By comparison, Fannie Mae/Freddie Mac MBS carry an “implied” guarantee.
Sources indicated that Kasper was hoping to be nominated as permanent president; but, in what has become a pattern for the Trump administration, the nomination notice never came.
The recap and release of Fannie Mae and Freddie Mac could be a bonanza for investment banking/advisory firms that assist the government. There might be four contracts overall.
By now, everyone knows the Federal Housing Finance Agency plans to hire an investment banking firm to assist with recap and release plans, but what about the GSEs?
The industry is bracing for another round of negative servicing marks tied to MSRs. However, strong origination results for the third quarter should buffer the carnage.
Ginnie Mae, the government guarantor that backs $2 trillion in mortgage assets, still doesn’t have a permanent president even though the election took place three years ago. Will anything change?