Secondary-market sales of purchase mortgages rose smartly in the second quarter and there was even a modest boost in the refi market. But at midyear, agency single-family business was well off last year’s mark.
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The mortgage layoff streak has ended, thanks in part to improving originations in the second quarter. But don’t look for a V-shaped recovery in the numbers. The Federal Reserve still controls the table.
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A $9.9 billion fund established by the federal government to help borrowers avoid foreclosure is seeing growing use. Some $1.2 billion in funds from the Homeowner Assistance Fund were distributed in the first quarter.
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FHFA wants the authority to suspend counterparties that have been sanctioned by other federal or state regulators. The agency argues that the outcomes of certain civil actions are analogous to criminal convictions.
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When rates rise, holders of MSRs can benefit by increasing the value of this esoteric asset. Now that the second quarter has ended, the biggest beneficiaries will be shops that took it easy when it came to hedging.
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The Consumer Financial Protection Bureau’s funding structure is unconstitutional, a bevy of new amicus briefs argue. But they part ways on how to remedy the problem.
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FHFA could limit usage of FHLBank advances; losses narrow at Better in first quarter; home price appreciation slowing; the impact of higher interest rates on potential borrowers.
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