The Federal Housing Finance Agency is directing Fannie Mae and Freddie Mac to restrict forced-placed insurance practices, which is a follow up from a notice the agency published in March regarding its views on such practices.
"I think it reinforces the current nature of mortgage finance policy, which is not to hold borrowers responsible. This isn’t just about Freddie, but it’s also about these borrowers sticking it to the taxpayer," Mark Calabria of the Cato Institute said.
Policymakers are contemplating a reduction in the maximum size of home loans that Fannie Mae and Freddie Mac are allowed to acquire, hoping this change will reduce the government’s dominant footprint in the mortgage market.
Housing is a strong catalyst for current economic growth, prompting mortgage experts to urge policymakers about the need for comprehensive housing finance reform this fall. But other fiscal headwinds and policy considerations could take precedence, delaying the housing fix once again.
"If you look at what we do, fundamentally, MERS is the mortgagee on behalf of the investor and its assigns, it’s not a whole lot more complicated than that. And that role as an agent is well rooted in the laws of this country. So when you get down to it, and when we get challenged, we typically prevail. We simply take away all the clutter and present what we do, and what the laws actually say, and we get there," MERS CEO Beckmann said in an exclusive profile only in HousingWire magazine..
The CFPB is currently paying close attention to the individuals/small players, as well as the larger institutional mortgage companies. With respect to the small players, the CFPB is looking at the loan officer, real estate agent and developer. A common violation that these smaller firms or individuals commit, in addition to possible violations resulting from social media posts, stems from agreements among themselves. Read More
Ladies and gentlemen, it’s been some time since the mortgage bond world felt shaken to the core. But shaken, right now, it feels, according to several recent conversations I’ve had on the subject. Read More