A staggering 15.8 percent of the island commonwealth’s FHA loans were more than 90 days late as of Dec. 31, and another 13.0 percent were 30-90 days in arrears.
Bipartisan legislation was introduced last week in the U.S. Senate to protect veterans and service members from predatory serial refinancing by requiring lenders to show the transaction actually bene-fits the borrower.
The Trump White House was slated to nominate mortgage banker David Kittle to head the agency but back in November he grew tired of waiting and withdrew his name from consideration.
Galante is a former FHA commissioner who presently serves as faculty director of the Terner Center for Housing Innovation at the University of California Berkeley. She also sits on the board of Ocwen Financial.
The agency – which still doesn’t have a permanent president – issued $443.2 billion of MBS backed by forward single-family mortgages in 2017, a 10.8 percent decline from the previous year.
The Department of Veterans Affairs and Ginnie Mae are ramping up efforts in 2018 to curb serial refinancing, including long-term solutions, increased portfolio monitoring and protection for veterans against predatory lending practices.
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