Urban Institute researchers estimate the 7% fee the GSEs charge to purchase loans that have gone into forbearance after closing squeezes 255,000 creditworthy borrowers out of the market.
Pointing to unemployment rates that reached 14.7% in April, and a 7.3% decline in consumer expenditures in March, FHFA is simply acknowledging the obvious: The U.S. economy has entered a recession of unprecedented depth and unknown duration.
The steep fees to sell forbearance loans to the GSEs have led to tighter underwriting standards, which disproportionately impact borrowers of color, House Financial Services Committee Chair Maxine Waters said.
Most of the concerns about the new regulation hinge on how much profit the GSEs can make under the bumped-up capital levels. Most industry observers appear to be on the side of “not enough.”
Affordable housing advocates say a high concentration of ownership by private equity firms makes residents of manufactured home communities vulnerable to unsustainable increases in rent or maintenance fees.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
News Tailored to Your Needs
Get Focused Coverage
Inside Mortgage Finance's newsletters break the mortgage market down so you get the news and data you need most, whether it's total industry coverage or just the news related to securitization, regulation, profits or other specific topics.
RSS