National Mortgage News, June 22, 2022–Brendan Pedersen (subscription)Lawmakers on the House Financial Services Committee clashed over the role of government investment in down-payment assistance and other housing programs on Wednesday …
Category: Top National News
Fed Chair Jerome Powell Says Higher Interest Rates Could Cause a Recession
Wall Street Journal, June 22, 2022–Nick Timiraos (subscription)Federal Reserve Chairman Jerome Powell said the central bank’s battle against inflation could lead it to raise interest rates high enough to cause …
May Numbers Show 425,000 Homeowners in Forbearance Plans, MBA Reports
MortgageOrb, June 22, 2022–Arian FineThe Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey shows that the total number of loans now in forbearance decreased by 9 basis points from 0.94% …
Trouble Ahead? Seller Repurchases of Fannie/Freddie Loans Spike
Inside Mortgage Finance, June 21, 2022–John BancroftFannie Mae and Freddie Mac reported a sharp increase in seller buybacks during the first quarter.https://www.insidemortgagefinance.com/articles/224946-trouble-ahead-seller-repurchases-of-fanniefreddie-loans-spike?v=preview
MBA Balks at Proposed SEC Emissions Rules
National Mortgage Professional, June 21, 2022–Tony CantuThe Mortgage Bankers Association has submitted a letter to the US Securities and Exchange Commission related to the regulatory agency’s notice of proposed rulemaking …
Industry Uproar over 50 bps Fee on GSE Securities
HousingWire, June 20, 2022–Georgia KromreiMortgage industry stakeholders say a new 50 basis point fee on some Fannie Mae and Freddie Mac securities runs counter to the premise of a uniform …
Commercial Mortgage Debt in U.S. Hits Record $4.25 Trillion in Q1
World Property Jounral, June 20, 2022–David BarleyAccording to the Mortgage Bankers Association’s latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, U.S. commercial/multifamily mortgage debt outstanding increased by $74.2 billion (1.8 percent) …
Fannie Mae, Freddie Mac Impose New Fee for Some Securities Transactions
HousingWire, June 16, 2022–Bill ConroyFannie Mae and Freddie Mac plan to charge a new 50 basis-point fee for certain structured-finance offerings that use co-mingled agency securities as the underlying collateral.https://www.housingwire.com/articles/fannie-mae-freddie-mac-impose-new-fee-for-some-securities-transactions/
Warehouse Usage Rates Crater as Nonbanks Suffer
Inside Mortgage Finance, June 17, 2022–Paul MuoloIf warehouse lending executives can agree on one thing, it’s this: The bull market in commitments and usage rates of the past two years …
Wells Fargo’s Rapidly Shrinking Mortgage Business
HousingWire, June 17, 2022–James KleimannWells Fargo this week warned investors the bank’s mortgage business could drop by almost 50% in the second quarter from the prior quarter.https://www.housingwire.com/articles/wells-fargos-rapidly-shrinking-mortgage-business/