The combination of the NAR settlement, better coordination between White House and FHFA, and the resurgence of the CFPB may help establish real price competition in the housing and mortgage markets.
Critics say the data giant’s exclusive contracts with data providers and strategic acquisition of potential competitors make it impossible for new market entrants to gain scale or price competitively.
Banks reduced their non-agency jumbo lending in the early months of 2024, with nonbanks picking up some of the slack. Deliveries of high-balance mortgages into agency MBS also declined in the first quarter. (Includes three data tables.)
The program provides borrowers a 3% downpayment assistance second lien with up to $15,000 in financing. The loan does not accrue interest and does not require a monthly payment.
After losing an appeal before a three-judge panel of the Federal Court of Appeals, plaintiffs are asking — for the second time — that the full court hear their case in light of a new Supreme Court decision.
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.
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.
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.
Some see Freddie Mac’s proposal to acquire second liens as a way to boost originations of the products. Others suggest that GSE involvement in the sector will have minimal impact as demand from borrowers appears to be limited.
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