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Inside The GSEs

July 17, 2020

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GSE Servicing Fragments in 2Q20, Forbearance Totals Up

Hundreds of smaller GSE sellers retained more servicing in the second quarter than they usually do, setting the stage for increased bulk MSR trades when buyers get more confident. (Includes two data charts.) Read More

FSOC to Review Secondary Mortgage Market

Some industry players believe FHFA Director Mark Calabria wants to use an activities-based review of the market to reduce regulations, which many observers think increase the cost of mortgages. Read More

SCOTUS Agrees to Hear Net Worth Sweep Case

The Supreme Court is likely to give the president the power to replace the FHFA director for any reason, much like it did in the Seila Law v. CFPB case, according to Cowen analyst Jaret Seiberg. Read More

Quicken: One Big IPO, Lots of Fine Print

In its S-1 filing, Quicken (not surprisingly) said it’s powerless to modify the rules that govern its relationship with the GSEs. Read More

HFSC Members Rebuke Mortgage Servicers

The panel this week heard testimony that servicers failed to inform borrowers of their right to forbearance, offered less assistance than required by law and provided inaccurate information on lump-sum repayments. Read More

Comments on Re-Proposed GSE Capital Rule Heat Up

Since the financial crisis, Fannie’s single-family book of business has posted a loss rate of 31.5 basis points. In contrast, residential loans at commercial banks averaged a loss rate of 86 bps, 5.7 times higher. Read More

CRT’s Quiet Return: Freddie Obtains $425M ACIS

Freddie Mac returned to market in July with a $425 million ACIS deal and $1.1 billion STACR, leading GSE watchers to conclude the CRT market has returned from the dead. Others are not so sure. Read More

Freddie Mac Appoints Two New Members to its Board

Allan Merrill and Paul Schumacher will be joining the board of the mortgage giant. Read More

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