The key factor for TBA investors is prepayment speeds. A quick scan of the FHFA data show that the conditional prepayment rates for UMBS issued by Fannie and those issued by Freddie have remained comparable since the launch of the single security in June.
The nation's GSE regulator meets the Federalist Society: “What we’ve been able to do in the eight months that I’ve been here is cut the percentage of business that has multiple risk factors in half."
Renzi spent a large chunk of his career at GMAC, finishing his 23-years there as COO of ResCap and president of the mortgage division. He followed that up with a couple years as Freddie’s executive vice president for its single-family business.
Although most of the CSS software developers let go were contractors, the company did have a few employees working in development. Now that the platform is finished, those positions are no longer required.
Mortgage insurer Radian recently modified the severance agreements it has with certain executives, boosting termination pay to 150% from 100%. Of course, this only applies if it’s a “qualifying termination event"...
Part of the problem is that the current proposed rule was a product of the previous director and much has changed since the rulemaking began a year ago.