The estimated $822 billion of conventional-conforming lending set a quarterly record and represented 72.1% of the huge third-quarter wave of mortgage originations.
While early-payment default rates showed bigger declines, the rate for loans in the most serious delinquency categories remained relatively high. Across all three agencies, 2.92% of loans were four months or more past due, down slightly from the previous month.
Fitch also revealed that Provident received a $20 million equity infusion from an affiliated entity in March. Craig Pica, Provident’s CEO, and members of his family, own a majority stake in the lender.
As of the end of October, Ginnie issuers had produced $615.55 billion of new single-family MBS, well over the highest total for a full year set in 2019 at $498.33 billion.
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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