David Brickman, Frater’s counterpart at Freddie, expressed similar sentiments: “Costs have changed. Risks have changed. We’ve put in place an appropriate and prudent response to that change in the external environment for us to support struggling homeowners.”

A few weeks back there was some hope that, perhaps, the GSE adverse market fee might get scrapped. Not so. Meanwhile, Ocwen keeps trying to turn things around.

The proposed rule defines a new activity as any new business line, business practice, or service that the GSEs offer to the market.

FHFA Director Mark Calabria hopes to finalize the GSE capital rule before yearend. But the proposal is so controversial that many industry watchers said it most likely won’t survive a change in administration.

Compared to the last three pre-COVID Freddie transactions, the percentage of credit risk transferred via Agency Credit Insurance Structure deals has doubled for low-loan-to-value deals.

Industry watchers said a blue wave would stall GSEs’ recapitalization and exit from conservatorship and likely send FHFA Director Mark Calabria packing.

The overall number of loans declined as borrowers whose loans were not in forbearance took advantage of low interest rates to refinance. Ultimately, Fannie’s net forbearance rate only declined about 1.0% in June, WFS said.

The trade group reiterated that Fannie and Freddie should not be permitted to exit conservatorship until further systematic, wholesale and long-term reforms are made permanent.

Industry stakeholders said FHFA should find tremendous value in the CRT program as it reduces systemic risk by distributing risk across many investors and transactions.

Wells Fargo and Chase together accounted for more than half of all borrowers exiting forbearance in July, Wells Fargo Securities found in its deep dive into new, loan-level data on Fannie Mae’s Connecticut Avenue Securities.