FHFA plans for board structure changes; Justice Department sues Rocket over refi discrimination; Redwood markets jumbo ARM securitization; LoanCare launches digital recapture product.
“If we had a major economic downturn, I don’t know what kind of havoc we would have right now, because there’s no stability,” said Ted Tozer, a former president of Ginnie Mae.
Treasury wants the banks to double their contributions to affordable housing programs and to use their excess retained earnings to support more housing development.
FHA issued an extensive FAQ document late last week, addressing questions about guidance with an Oct. 31 implementation date for reconsiderations of value.
Kristen Clarke, assistant attorney general in the DOJ’s civil rights division, said the settlement shows that the DOJ intends to hold “all types of lenders accountable for their role in modern-day redlining.”
“Without an increase in NMLS processing fees, CSBS staff projected losses of nearly $133 million over the next decade,” CSBS said in a report in response to feedback received on the proposal.
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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