Rep. Scott Garrett unveiled a reform plan on Thursday designed to draw the private sector back to the secondary-mortgage market after troubled Fannie Mae and Freddie Mac are eventually terminated.

October 28
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  • HARP 2.0's first phase is now underway. Seller/servicers that control GSE MSRs appear to be in the best position when it comes to refinancing high LTV Fannie Mae and Freddie Mac loans.The GSE regulator and Obama administration officials had hoped to make the process more competitive, allowing “new” seller/servicers to refinance loans controlled by others. But it now appears that servicer-against-servicer competition won't get under way until March when the GSEs get around to updating their automated underwriting systems to accommodate Home Affordable Refinancing Program revisions.

    December 12
  • Interactive Mortgage Advisors (IMA), Denver, is auctioning off a $186 million bulk package of Ginnie Mae servicing rights.The seller's identity was not disclosed. A majority of the loans were funded in the mid-Atlantic and New England area and is heavily weighted toward New York, Massachusetts, and New Jersey.

    December 12
  • One of the hallmarks of the Dodd-Frank bill was the creation of the Office of Financial Research (OFR), an agency dedicated to collecting and sifting data from financial firms to help predict the next crisis.

    December 12
  • U.K. mortgage origination is unlikely to grow more than marginally next year thanks to economic uncertainty and steep borrowing costs faced by originating banks, according to a release by Standard & Poor's. As a result, the agency estimates that the volume of RMBS placed with investors in 2012 could hover around €45 billion ($60 billion), a hair over this year's figure.

    December 12
  • Next year there will be a worsening of covered-bond issuer credit quality and a continued deterioration in the sovereingns' financial condition.

    December 12
  • Fannie Mae recently told its seller/servicers that all mortgage insurance rescissions, cancellations and claim denials tied to loans it bought must be reported to the agency immediately.

    December 12
  • The drop over 3Q11 of commercial and multifamily loans is a credit positive for CMBS, according to Standard & Poor's in a note released this morning.

    December 9