Ginnie MBS data show an increase of 72,224 loans recorded as 30 days past due from February to March. Some 56,266 of those newly delinquent loans were FHA-insured.
Only 11.22% of purchase-money mortgages purchased by the GSEs in the first quarter had FICO credit scores below 700. That was down from 12.05% in the fourth quarter and 14.66% a year ago.
On the servicing front the news was grim. Wells revealed that its massive residential servicing portfolio declined in value by 29.4% from the prior period: $8.13 billion at March 31 compared to $11.52 billion at yearend.
Among the top five agency MBS issuers in the first quarter, three were nonbanks: Quicken, PennyMac and UWM, according to exclusive figures from Inside Mortgage Finance...
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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