Nonbanks will need to provide more details about how they value MSRs as Ginnie works on its new capital rules. The good news: MSRs are worth a lot more these days.
Nonbank boosters continue to fear Ginnie Mae’s final capital rule may not accurately reflect the intrinsic value of MSRs. Others fear it could be too soft.
Still some milk left in the EBO cow? As Jay Bray of Mr. Cooper put it: “With forbearance programs winding down, the EBO opportunity is rapidly diminishing.”
The number of newly minted Ginnie Mae issuers has fallen dramatically the past year. Something to worry about or the byproduct of the mortgage industry’s cyclicality?
The Congressional Budget Office looked at how an increase in nonbank issuers and a higher volume of VA loans might put Ginnie Mae’s MBS program at risk.
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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