A District Court judge ordered the Treasury Department to produce all documents attached to subpoenas. He also asked the Treasury to produce a log of any documents withheld based on an assertion of privilege.
Hinting at the possibility of allowing nonbanks to become members of the FHLBank system, FHFA Director Mark Calabria said the agency could engage in rulemaking by mid next year.
FHFA Director Mark Calabria said to exit conservatorship Fannie Mae and Freddie Mac will have to be adequately capitalized and make appropriate changes to their culture.
FHFA Director Mark Calabria: "That might be fine for a normal company, but these are companies that are in conservatorship. They’re essentially in bankruptcy.”
Ocwen Financial may have some MBS-related exposure, according to a new regulatory filing. Also, FHFA Director Mark Calabria opens up some more about the business practices of Fannie and Freddie.
Calabria stressed the plan is process-based rather than calendar-driven. He also pointed out that the two mortgage giants will have to be adequately capitalized and make appropriate changes to their culture.
Aside from g-fee pricing, most of the ways the GSEs could engage in volume discounting would take place in the secondary market. That means they’re not really violating regulations.
The industry’s mood at the Mortgage Bankers Association’s annual conference last week seemed optimistic. But global uncertainty with China and trade, and Brexit could cut the good times short.