Among the more interesting changes: the FHFA, for the first time ever, is asking GSE customers to hold capital against the dollar amount of Ginnie Mae mortgages they service: 35 basis points.
Ryan, though, is quick to point out that the single security initiative is largely successful, not a surprise since he played a key part in its rollout.
As most residential stakeholders know, nonbank risk is an issue that has caught the eye of the Federal Housing Finance Agency and the Department of Housing and Urban Development because nonbanks are major counterparties to Fannie Mae, Freddie Mac as well as Ginnie Mae.
But the financial windfall from the underwriting contracts where the two mortgage giants will offer new shares of common to the public should be considerably larger.