Federal regulators this week began signing off on approved an interagency proposed rule that would exempt Fannie Mae and Freddie Mac mortgage-backed securities from new risk-retention requirements for issuers of a broad range of asset-backed securities. The exemption for the government-sponsored enterprises would last...
Read More
Private mortgage insurers won a near-term victory when federal regulators agreed to exclude Fannie Mae and Freddie Mac mortgage securities from new risk-retention rules for asset securitizations, but they have an uphill struggle to gain a long-term role in the “qualified residential mortgage” market of the future. The proposed QRM definition sets...
Read More
Banks and other major providers of home-equity financing continued to back away from the market in the final months of 2010 while performance trends generally weakened, according to a new Inside Mortgage Finance analysis of call report data. Banks, thrifts and credit unions held...[Includes two data charts]
Read More
The Department of Housing and Urban Development will treat warehouse financing arrangements that include a repurchase provision the same way it approaches other warehouse financing in terms of exempting these transactions from the Real Estate Settlement Procedures Act requirements. Staff at the Federal Deposit Insurance Corp. recently asked...
Read More
House Republicans this week announced a series of bills to deal with the conservatorships of Fannie Mae and Freddie Mac, but Sen. Richard Shelby, the ranking GOP member in the Senate Banking, Housing and Urban Affairs Committee, said it’s premature to even have hearings on proposals to reinvent the mortgage finance system. “Before Congress can consider...
Read More
The Department of Housing and Urban Development has issued guidance on how to make the proper disclosures on the Good Faith Estimate and the HUD-1 closing statement in relation to the Federal Reserve’s new loan originator (LO) compensation rule set to take effect April 1. The additional guidance only seeks...
Read More
A key Obama administration official stressed the need for paring down the federal government’s role in the mortgage market while also tossing mild support for the beleaguered private mortgage insurance industry. In remarks at this week’s National Policy Conference sponsored by the Mortgage Bankers Association, Shaun Donovan, secretary of the Department of Housing and Urban Development, said...
Read More