Mark Garland, managing director of SitusAMC, Denver, agreed that bids of 3.0-times are doable today and are a welcome development after several weeks of inactivity, at least on the flow front.
The FHFA is pushing for legislation that will allow it “to examine the records, operations and facilities” of all Fannie/Freddie servicers – an expansion of its supervisory role over nonbanks.
Wells Fargo was the most active servicer in repurchasing delinquent loans in May, with $2.31 billion, 50.2% of the market total. A significant share of those loans were reportedly current, the MBS disclosures show, indicating that Wells repurchased loans in forbearance.