An Obama administration official stressed that the White House is working to craft a comprehensive plan for housing finance reform but wants input from industry participants.tasked with crafting a plan to reform the government-sponsored enterprises provided a strong response yesterday to criticism of the White House’s lack of progress on GSE reform.
The FDIC approved a final rule this week that will set new appraisal requirements for nonprime mortgages. It’s the third rule from federal regulators in the past six days aimed at subprime mortgages, largely prompted by the Dodd-Frank Act
A summary of the much anticipated loan officer compensation rule is set to be published by the CCFPB by close of business Friday, an industry official who was briefed on the mater told Inside Mortgage Finance.
Mortgage firms that handle 5,000 or fewer loans will receive a significant exemption from servicing rules released today by the Consumer Financial Protection Bureau
Redwood Trust is set to issue its second non-agency jumbo MBS of the year, a $666.13 million security, according to a presale report released today by Kroll Bond Rating Agency. The MBS will largely consist of 30-year fixed-rate mortgages, with 51.4 percent of the originations from First Republic Bank. Plus other mortgage news briefs.
With the rules for nonprime lending established – for the most part – under the Consumer Financial Protection Bureau’s recently finalized ability-to-repay requirements, at least four lenders have stepped up their plans to enter the nonprime origination market, a business that has been long dormant with certain exceptions.
After including a significant amount of ARMs in its first issuance of the year, the second non-agency jumbo mortgage-backed security of 2013 from Redwood Trust will consist largely of 30-year fixed-rate mortgages, according to a new presale report released by Kroll Bond Rating Agency.
Investors with nearly $1 trillion of holdings of non-agency mortgage-backed securities are concerned about the Obama administration’s latest loan modification proposal, according to Tom Deutsch, executive director of the American Securitization Forum.
Although 10 servicers have agreed to shell out $8.5 billion as part of the OCC/Federal Reserve foreclosure settlement, it won’t be known for up to a month exactly how much it will cost each bank.