“Securitizations backed by weaker borrowers, such as retail credit cards, certain marketplace lending/unsecured loans and subprime auto, will be more vulnerable to asset-performance deterioration, given rising prices and increasing debt service costs that will erode borrowers’ disposable income.”
–From a Fitch Ratings report on U.S. consumer debt and securitization performance.
In a highly unusual move, the Consumer Financial Protection Bureau on Monday announced it would invoke a largely unused legal provision to examine nonbank financial companies that pose risks to consumers.
The Mortgage Bankers Association on Monday sent a letter to the Federal Housing Finance Agency, offering detailed recommendations on the agency’s re-proposal of eligibility requirements for seller/servicers of single-family loans backed by Fannie Mae and Freddie Mac.
International investors feel increasingly optimistic about U.S. commercial real estate, sparking increased interest in secondary and tertiary markets, said the Association of Foreign Investment in Real Estate, Washington, D.C.
The Federal Housing Administration last week published Mortgagee Letter 2022-07, Update to the COVID-19 Recovery Loss Mitigation Options, which adds to FHA’s COVID-19 Recovery Loss Mitigation Options, a loan modification with a 40-year term used together with a partial claim.
The Federal Housing Finance Agency last week released its 2022-2026 Strategic Plan for Fiscals Years 2022-2026, focusing guiding Fannie Mae, Freddie Mac and the Federal Home Loan Bank System for the next five years.
“Without proper calibration of these requirements, unintended consequences likely would include more institutions selling loans only through the cash window rather than an MBS execution, shifts in volume away from the Enterprises or Ginnie Mae for reasons that are not determined by market conditions and potential consolidation in the industry, resulting in fewer choices and higher costs for borrowers. Proper calibration of these requirements, on the other hand, will promote resiliency in the market and broad, sustainable access to credit for consumers.”
–From an MBA letter to the Federal Housing Finance Agency on its re-proposal of servicer eligibility requirements for loans backed by Fannie Mae and Freddie Mac.
Loans in forbearance fell to another pre-pandemic low to just barely above 1%, the Mortgage Bankers Association reported Monday.
CoreLogic, Irvine, Calif., said mortgage delinquencies fell in January to their lowest level since 1999.
LAS VEGAS—A byproduct of the coronavirus pandemic: the real estate finance industry adopted innovative technology solutions with extraordinary speed. Now, said Mortgage Bankers Association Chair-Elect Matt Rocco, the industry must take the next step.
