With the U.S. debt ceiling resolution far from certain, investors in agency MBS are being careful in terms of financing and leverage. A U.S. default also has ramifications for outstanding MBS and ABS.
A federal appeals court panel ruled that the SEC didn’t act on the whistleblower’s information about misconduct at RBS even though it passed the information to the DOJ and FHFA, which reached settlements.
The White House responded quickly to SCOTUS’ Wednesday ruling that the FHFA director can be fired at will. Within hours, Mark Calabria was shown the door and Sandra Thompson was appointed acting chief.
FHFA Director Mark Calabria hopes to finalize the GSE capital rule before yearend. But the proposal is so controversial that many industry watchers said it most likely won’t survive a change in administration.
Nonbanks in the process of making their public debuts note that the refi boom (probably) won’t last forever, and they could eventually face financial difficulties making servicing-advance payments for loans in forbearance.
The coronavirus economic assistance package is signed, sealed and delivered but concerns remain over the ability of nonbanks to pay MBS holders in the event delinquencies spike over the short term.
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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