Bray noted that Ginnie’s memorandum, which established a new pool type for re-performing loans, “puts significant restrictions" on issuers, increasing both the risk and the cost...
The bureau said it will “closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation.” If compliance issues arise, it will take into account a servicer’s overall effectiveness in helping consumers.
Bottom line: A committee within the CSBS determined that "regulatory prudential standards enforceable by state regulators are warranted and advisable at this time.”
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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