The road to reforming Fannie Mae and Freddie Mac took another left turn this week with Treasury Secretary Steve Mnuchin applauding Congressional efforts on the initiative but then declaring, if need be, Treasury would go it alone.
BB&T Corp. and SunTrust Banks late in the week unveiled plans to merge in a deal valued at $66.0 billion, one that will create, pro forma, the nation’s ninth-largest home originator as well as the ninth-largest servicer.
Elliott Management Corp., considered one of the largest activist funds in the world, is eyeing non-qualified mortgage securitizer Deephaven Mortgage for a possible acquisition, sources familiar with the matter told Inside MBS & ABS.
Several high-profile civil rights groups this week threw cold water on Sen. Mike Crapo’s plan to reform Fannie Mae and Freddie Mac, saying it would weaken regulation of the government-sponsored enterprises and increase the cost of homeownership.
A new outline on housing-finance reform from Sen. Mike Crapo, R-ID, hands over management of the conventional mortgage market to Ginnie Mae, begging the question: Is Ginnie up to the task?
Mortgage giants Fannie Mae and Freddie Mac are scheduled to report fourth-quarter results next week and chances are the two will once again show strong earnings, but the black ink likely will pale a bit from the $6.7 billion they posted (combined) in the third quarter.