Independent mortgage bankers heaved a sigh of relief after the Federal Housing Finance Agency said it will re-propose the minimum financial eligibility requirements for single-family seller/servicers.
While overall agency delinquency rates remained significantly elevated, the number of new loans entering the 30-day late category fell sharply from April to May.
Oklahoma-based First Mortgage’s former President Ron McCord faces 24 counts of bank fraud, money laundering and making a false statement to a financial institution.
Lawmakers questioned Federal Housing Finance Agency Director Mark Calabria on a wide range of issues, including extending the timeline, and expanding the scope, of the eviction moratorium.
The FHFA has adopted bank-like capital standards for Fannie and Freddie, but the result won’t be bank-like returns on equity, making a public stock offering for the two entities more difficult.
With combined assets worth about $6.1 trillion, Fannie Mae and Freddie Mac will need to set aside roughly $250 billion in leveraged capital in order to comply with the new rule.
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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