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Securitization


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Moody’s cites tech ability to help non-QM quality

Posted Date: Tuesday, March 10, 2020
A recent Moody’s report found that lenders who have weakened underwriting practices in non-qualified mortgage lending have brought risk into the market for non-prime residential mortgage-backed securities.

However, the agency said there are ways for lenders to mitigate the risks as underwriting criteria varies – notably, the use of technology to help the quality control process.

Read on for details of the risks and the ways in which Moody’s says lenders can improve quality in their non-QM lending programs.

Read on »

FHFA seeks input on UMBS pooling practices

Posted Date: Friday, November 8, 2019

The Federal Housing Finance Agency is seeking public input on practices used to form “To-Be-Announced” (TBA)-eligible Uniform Mortgage-Backed Securities (UMBS). 

Specifically, the agency also is soliciting feedback about the government-sponsored enterprises’ oversight of UMBS prepayment speeds and alignment and other policies and practices that might affect UMBS fungibility.

Find out more about the agency’s new request of feedback.

Read on »

SEC to review RMBS requirements

Posted Date: Friday, November 1, 2019

The Securities and Exchange Commission (SEC) has requested public feedback on the agency’s asset-level disclosure requirements for residential mortgage-backed securities (RMBS).

The Treasury Department’s housing reform plan recommends that the SEC undertake such a review to determine potential improvements. 

Find out more details about the goal of such a review.

Read on »

Detailing plans to lay groundwork for housing reform

Posted Date: Friday, September 13, 2019

One thing has become abundantly clear with regard to the prospect of reforming the county’s housing finance policy – Congress needs to act. However, that does not mean that regulators can only sit on their hands in the meantime.

Regulatory leaders tactfully noted during a recent Senate Banking Committee hearing that although there are actions they can take in the interim, their ability to act ultimately is limited by the willingness of Congress to reach a comprehensive bipartisan solution.

Get an in-depth look at how federal regulators plan to get the ball rolling.

Read on »

Analysis: Patch expiration bad for GSEs, good for non-banks

Posted Date: Tuesday, July 30, 2019

Although the expiration of the Consumer Financial Protection Bureau’s rule allowing certain loans with high debt-to-income ratios to be granted qualified mortgage status would be credit negative for the government-sponsored enterprises, Moody’s found that letting the “QM patch” expire could be beneficial to some non-bank entities. 

The analytics firm explained how the patch’s expiration, absent interim regulatory measures to improve the QM framework, could be bad for some entities but present opportunities for others.

Learn more about the firm’s findings.

Read on »

FDIC rule would ease MBS

Posted Date: Monday, July 22, 2019

The Federal Deposit Insurance Corp. recently issued a notice of proposed rulemaking to amend its securitization safe harbor rule. The proposed rule is meant to ease the reporting and disclosure requirements imposed by Reg AB to encourage certain mortgage-backed securitizations.

Read on »

Trade urges CFPB to replace QM patch

Posted Date: Tuesday, July 16, 2019

Reiterating arguments expressed by community banks and credit unions, the National Association of Hispanic Real Estate Professionals recently urged the Consumer Financial Protection Bureau to extend the use of the temporary provision allowing certain loans with high debt-to-income (DTI) ratios to be deemed qualified mortgages (QMs).

The group proposed an alternative model for granting QM status to high-DTI loans based on their Average Prime Offered Rate.  

Learn more details about the group’s proposed plan.

Read on »

Calabria asks Congress for chartering authority in annual report

Posted Date: Friday, June 14, 2019

The Federal Housing Finance Agency (FHFA) requested the legislative ability to charter competitors of Fannie Mae and Freddie Mac as government-backed guarantors for the secondary mortgage market in its 2018 report to Congress.

The chartering authority FHFA Director Mark Calabria has requested from Congress would be similar to that of the Office of the Comptroller of the Currency.

Find out what recommendations in the report align with industry priorities.

Read on »

FHFA hopes UMBS launch will spur GSE competition

Posted Date: Friday, June 7, 2019

In an effort to make housing more affordable through increased secondary-market competition, the Federal Housing Finance Agency (FHFA) announced the launch of its new Uniform Mortgage-Backed Security (UMBS) program, under which it will combine mortgage-backed securities held by Fannie Mae and Freddie Mac.

The FHFA hopes the move will add liquidity and eliminate pricing differences, spurring service- and efficiency-based competition between the government-sponsored enterprises (GSEs).

Find out more details about what the change might mean for the mortgage market.

Read on »

Trump outlines housing finance reform priorities

Posted Date: Friday, March 29, 2019

As the Senate Banking Committee engaged in discussion regarding potential housing finance reforms, President Donald Trump signed a presidential memorandum outlining his administration’s goals for enacting sweeping reforms to the secondary market.

The financial services industry expressed support for the administration’s stated goals of ending the conservatorship of Fannie Mae and Freddie Mac and promoting competition in the secondary market while providing taxpayer protections.

Find out more details about the administration’s reform priorities and the industry’s take on the matter.

Read on »
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