Speaking at the MBA secondary conference, CFPB Director Rohit Chopra pushed back against the argument that credit reporting fees are distinct from junk fees. He said the term junk fee extends to fees that lack competition in the market.
Would a second Trump administration be more likely to take the GSEs out from under the government’s thumb? It didn’t work the first time around, but Biden hasn’t been interested at all.
Delinquency rates declined during the first three months of 2024, according to the Inside Mortgage Finance Large Servicer Delinquency Index. (Includes data tables.)
The private market is providing adequate liquidity for closed-end second liens, according to the American Bankers Association. The trade group also questioned Freddie Mac’s motivations for a proposal to acquire seconds.
A few years back, Better looked like a sure thing: It boasted state-of-the art origination technology. Today, the nonbank is bleeding red ink and dependent on a convertible note held by a Japanese multinational.
Investors are seeing value in the unsecured notes of certain large nonbanks, increasing the ability of these shops to sell new debt. Not all lenders are responding, but new deals could be in the works as long as MSR keep rising in value.
The Financial Stability Oversight Council wants Congress to provide FHFA and Ginnie Mae authority to supervise nonbanks given their growing dominance of the mortgage servicing market.
Another long-time player is exiting warehouse lending. The twist: There’s nothing wrong with Flagstar’s nonbank business. The problem is that the depository is owned by NYCB, which needed an investor-infusion earlier this year.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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