In a new letter to CFPB Director Richard Cordray, the ICBA and 41 state affiliates say they want a reasonable transition period of nine to 12 months."
Mortgage professionals who work the M&A trade contend that interest in residential finance is not waning in the least, but potential buyers are being a bit more choosey these days.
One last thought on Berkowitz and Fairholme: To get Congress to listen to your ideas you have to donate money. Berkowitz can check that box off his to-do list. He has been a generous donor to Republicans and Democrats alike over the past two election cycles.
Fairholme owns $3.5 billion (face value) of GSE junior preferred stock. After company chief Bruce Berkowitz sent his tender offer to FHFA and then went on CNBC to discuss the plan, you can bet that the price of GSE preferred probably increased a bit.
One trade group official told Inside Mortgage Finance that despite efforts by the Federal Housing Finance Agency to create g-fee parity for lenders of different sizes, there has been little in the way of progress.
Are mortgage bankers so diabolical that they attempt to find a way around new regulations? Industry consultant Joe Garrett of Garrett, McAuley & Co. thinks so.