Spikes in amortization income, guarantee-fee income and credit-related expenses are all closely tied to the government’s intervention in the coronavirus crisis. (Includes data chart.)
Freddie Mac’s Voluntary Early Retirement Program resulted in 600 buyouts by the end of 2020, but salaries and benefits expenses actually rose in the short term.
Because of the terms of the CARES Act, not only are borrowers in forbearance allowed to skip their monthly payments, but servicers are prevented from reporting their mortgages as past due.
New Treasury Secretary Janet Yellen has yet to pick who will lead housing policy and GSE reform in the Biden administration. However, liberal think tanks may be a good place to look.
Newly installed SBC Chair Sherrod Brown lambasted FHFA for ignoring the spirit of the CARES Act by allowing Fannie Mae and Freddie Mac to sell nonperforming and reperforming loans during the pandemic.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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