A number of top lenders shifted gears to focus on the high-margin GSE business in the second quarter while curtailing their non-agency jumbo production. (Includes three data charts.)
Trade groups point out the irony of raising mortgage rates at a time when the Federal Reserve is spending more than $40 billion a month on agency securities in an attempt to lower the cost of buying or refinancing a loan.
At the very least, mortgage executives are hoping for a delay in the implementation date on the new refi fee promulgated by Fannie Mae and Freddie Mac.
Despite a sharp drop in GDP in the second quarter, Fannie economists expect mortgage originations to reach $3.4 trillion in 2020, the most since the banner year of 2003.
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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