At press time, there were reports circulating that one mid-sized nonbank planning to enter the correspondent acquisition market had pulled the plug and laid off staff. The firm is expected to talk to IMFnews Thursday morning.
CFPB chief Richard Cordray believes "the QM space has been drawn quite broadly" and estimates that more than 95 percent of the loans made in the current market will be deemed qualified mortgages.
According to figures compiled by Inside Mortgage Finance, the GSEs took in $16 billion from buybacks during the first six months of 2013. At the same time, lenders succeeded in getting $7 billion in repurchase requests withdrawn.
The president believes that Rep. Watt is the very best person to lead the agency at this important time for the housing market and our economy, and that having a confirmed FHFA director in place will help promote certainty for the housing industry, said a White House spokesman.
Rep. Maxine Waters, D-CA, announced an agreement to fix unintended consequences (significantly higher premiums) from the Biggert-Waters Flood Insurance Reform Act.
Legislative reform of Fannie Mae, Freddie Mac and the FHA will take years, according to panelists at the Mortgage Bankers Association's annual convention.