The Department of Veterans Affairs withdrew a three-year-old advance notice of proposed rulemaking that sought feedback on the incentives provided to VA servicers for loss mitigation.
FHA formalized its requirements guiding sales of beneficial interest between FHA-approved parties, while Ginnie reminded issuers that mortgages involved in such sales are prohibited from its MBS pools.
Rep. Maxine Waters, D-CA, last week questioned HUD Secretary Scott Turner over sales of distressed assets to corporate buyers, which run counter to the Trump administration’s recent effort to push back on homebuying by institutional investors.
Investors are seeking out Ginnie Mae custom pools with better convexity profiles than those of forward trading multiple-issuer pools, causing the convexity of the multi-pools to further deteriorate.
A New York appeals court ruled that Wells Fargo cannot seek legal recourse against UBS over a commercial MBS deal, determining litigation was subject to laws in the state where the special servicer is based.
Department of Housing and Urban Development Secretary Scott Turner was evasive as members of the House Financial Services Committee asked him to elaborate on his plans and achievements.