Mortgage industry trade groups continue to pressure the Biden administration to intervene in the MBS market to help struggling homebuyers overcome high interest rates and low supply.
HUD IG launches inquiry into Ginnie’s handling of Reverse Mortgage Funding’s bankruptcy; DBRS revises rating criteria for commercial MBS; WeWork exposure in commercial MBS; another record profit for Farmer Mac; ETF targets newer agency MBS.
Nearly 90% of loan liquidations in Ginnie MBS resulted from borrower payoffs in the third quarter, with most of them linked to MBS issued in 2020 and 2021.
Nonbanks could fund the closing of government-insured mortgages using commercial paper guaranteed by Ginnie and the loans would be pledged as collateral to the commercial paper, former Ginnie President Ted Tozer suggested.
The reverse mortgage industry is lauding a recent Ginnie policy change designed to reduce liquidity pressures for issuers of MBS backed by FHA home equity conversion mortgages.
Ginnie Mae eligibility requirements issued a year ago are largely set to take effect at the end of the month. Most issuers are in compliance with the standards, according to the agency.
Ginnie Mae could relieve financial pressure on its nonbank issuers by guaranteeing their short-term obligations, according to a proposal from former Ginnie President Ted Tozer.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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