In a research note published Friday, Cowen & Co. notes the letter is an indication these groups believe allowing the GSEs to retain capital will prolong the conservatorships.
The signors add: “We … believe the debate over recapitalizing a broken system distracts from the critical structural issues that Congress must address to ensure that the federally supported secondary market serves key, bipartisan objectives.”
UWM CEO Mat Ishbia noted that his company does not have a say on which applicants ultimately get picked by NAMB, though the lender does have one representative on the review panel.