Former CFPB official criticized for blog posts joins Ginnie Mae
The mortgage agency has hired Eric Blankenstein, who sparked controversy while at the consumer bureau over past revelations of racially charged writings.
MBS
FHFA asks Congress for power to charter Fannie, Freddie competitors
Director Mark Calabria urged lawmakers to grant the agency chartering authority similar to that of bank regulators to boost competition in the mortgage market.
Prepays rise on the combination of lower rates, seasonality: KBW
Prepayment speeds for loans included in agency mortgage-backed securities were up approximately 20% both monthly and annually during May as the decline in interest rates boosted activity, according to Keefe, Bruyette & Woods.
Government launches unified MBS platform for Fannie, Freddie
The consolidation of the two companies' securitization platforms into a single bond market became official on Monday.
One important piece of GSEs’ transformation ready for launch
The launch of a combined securitization platform for Fannie Mae and Freddie Mac is meant to ease the transition to a new housing finance system. But questions remain about how the mortgage sphere will adapt to the single security.
Morningstar announces $669M deal acquiring DBRS
The investment research firm plans to merge DBRS' ratings business with its existing Morningstar Credit Ratings Service.
By
Glen Fest
How acting Ginnie Mae chief is trying to get to the bottom of VA refis
Prepayments tied to repeated VA loan refinancing activity have had an adverse effect on Ginnie’s mortgage securities that persists despite countermeasures. The government bond issuer is making new plans to address the impact.
Ginnie Mae’s MBS issuer shift creates a ‘greater risk of loss’: GAO
The Government Accountability Office called on Ginnie Mae to undertake four reforms to its operations, citing concerns regarding the ongoing shift in size and capitalization of mortgage-backed securities issuers.
Freddie Mac opens up certificate exchange for uniform MBS to investors
Investors can now exchange certain existing Freddie Mac bonds for to-be-announced uniform mortgage-backed securities in preparation for the full launch of UMBS next month.
Ginnie Mae asks mortgage lenders how to protect MBS from prepayments
Alarmed about continued high nonmarket-based prepayment rates, Ginnie Mae is requesting input from lenders on how to make the mortgage-backed securities it guarantees fairer to investors without hurting borrowers.
Freddie Mac paves the way for UMBS with mirror certificate exchange
Freddie Mac exchanged existing bonds from its portfolio for mirror certificates for the first time, completing a key test that is central to the creation of a uniform mortgage-backed security.
FHFA chief-to-be’s top priority: More capital for Fannie, Freddie
Mark Calabria, who could be confirmed as early as this month, is expected to focus on changes to Fannie Mae and Freddie Mac’s conservatorships to let the mortgage giants keep more of their profits.
FHFA rule requires Fannie and Freddie to align cash flows on MBS
The new regulation, codifying requirements already in practice, is meant to help the mortgage giants prepare for the adoption of a uniform security in June.
Zero guarantee for GSE debt has consequences, Layton says
Without the ability to issue unsecured debt nearly as cheaply as U.S. Treasury bonds, Freddie Mac could not afford to repurchase defaulted loans from MBS, Freddie CEO Don Layton said.
Fintech Pagaya places $100M consumer loan ABS managed by AI
The New York and Israel-based investment management startup selected the initial collateral using machine-learning decisions; AI will also be used in determining when to sell consumer loans in the portfolio or buy additional assets.
By
Glen Fest
LoanDepot hit with Ginnie Mae sanctions over VA mortgage compliance
Ginnie Mae has restricted loanDepot's ability to securitize Veterans Affairs mortgages because of apparent churning of recent originations.
Will 2019 bring long-awaited GSE reform?
After 10 years of conservatorship, the new year could finally usher in big steps toward housing finance reform.
‘We do not determine our destiny’: A sit-down with outgoing Freddie CEO
Donald Layton, who has run the mortgage giant since 2012, discussed the busy agenda leading up to his departure and says Freddie can serve as a "technical adviser" in GSE reform talks.
Wells planning its first post-crisis private-label mortgage bond
Wells Fargo is planning its first post-crisis offering of bonds tied to U.S. home loans without government backing, according to people familiar with the matter.
FHFA takes another big step toward single security for GSEs
The Federal Housing Finance Agency issued a proposal Wednesday that would require mortgage giants Fannie Mae and Freddie Mac to align their policies on cash flows for current mortgage-backed securities, and eventually for a uniform security when it is implemented next year.
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