According to figures compiled by Inside Mortgage Finance, consumers owe roughly $11.168 trillion on their home mortgages, which (based on the MBA measurement) means $947.1 billion in residential debt is at risk.
According to Monday’s decision, the president can fire FHFA Director Mark Calabria at will – whether it’s the current president, or a potentially Joe Biden...
In her letter, Rep. Waters acknowledges the need to manage the risk associated with forbearance loans, bu recommends an alternative to the steep LLPAs leveled by FHA and FHFA. Instead, the congresswoman says those costs should be spread across the agencies’ broader single-family portfolios, resulting in “near-negligible costs on any individual loan.”
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.
Most of Freddie’s buyback claims end up being withdrawn by the GSE. A substantial share of Freddie’s loan purchases are underwritten through Fannie’s automated underwriting platform, but not all of the Desktop Underwriter extended services are available if the loan is sold to Freddie.
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