Wade is no stranger to the Department of Housing and Urban Development...

A top Justice Department official said the memorandum of understanding gives depository institutions the confidence they need to participate in the FHA program…

January's volume represented the second-highest monthly issuance of forward-mortgage Ginnie securities on record.

Originally, there were 14 nonbank issuers that Ginnie was talking to but one was acquired by a competitor.

Fun fact: January’s new issuance was more than double the total produced in the first month of 2019.

Former FHA Commissioner Dave Stevens: “The absence of banks in FHA has been a challenge ever since the False Claims Act was used as an excessive enforcement mechanism, making it far too great a risk to participate in the program.”

After the FCA payment to Uncle Sam, JPM remained as a correspondent buyer of FHA loans but its Ginnie Mae MBS issuance volume has slipped tremendously…

Despite the slippage, Wells and JPM still rank first and second, respectively, in agency servicing…

Fun fact: More VA loans were funded in the 4Q19 than FHA-backed mortgages, a rarity.

Something to think about: What if Trump doesn’t get reelected? Will the Dow react differently under a President Warren or Sanders than it would a Biden or Bloomberg? Whatever happens, it won’t be boring…