According to Ted Tozer, former Ginnie Mae president, lenders experienced aggressive disparate-impact litigation during the previous administration, resulting in initial support for revising the disparate impact rule.
According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.
Wade takes the helm of the government’s mortgage insurer at a tumultuous time: FHA production is strong but the COVID-19-related forbearance rate on such loans are beginning to inch up as the employment picture worsens.
One option places past-due mortgage amounts in separate junior liens of up to 30% of the outstanding. The lien is repayable when the mortgage ends, which is usually when a borrower refinances or sells their home.
If HUD implements its proposed final disparate impact rule, exceeding its authority, it could be a challenged under the Administrative Procedure Act, according to an industry attorney.