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Volume 2014 - Number 17

May 1, 2014

GSEs, FHFA Recommend Steps to Further Improve Private MI Provision in Johnson-Crapo Legislation

Fannie Mae, Freddie Mac and their conservator/regulator, the Federal Housing Finance Agency, have provided significant comments and recommendations regarding the role of private mortgage insurers under a new housing-finance system. The GSEs and the FHFA submitted their views on private mortgage insurers as part of broader commentaries provided to the Treasury Department on the Senate bipartisan reform bill drafted by Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID. The bill would wind down the two government-sponsored enterprises and replace them with a new securitization structure requiring that private capital absorb the first 10 percent of losses on a new breed of conventional mortgage-backed securities. To be eligible for the new MBS program, mortgages with loan-to-value ratios exceeding 80 percent would have...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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