While not going so far as to designate the GSEs as systemically important financial institutions, the Financial Stability Oversight Council today unanimously endorsed the Federal Housing Finance Agency’s plan to rebuild Fannie Mae’s and Freddie Mac’s capital levels.
The Federal Housing Finance Agency today issued its strategic plan for 2021-2024.
Fannie Mae and Freddie Mac may be facing insolvency if they are not able to recoup some of the costs associated with their COVID-19 mortgage relief programs, Federal Housing Finance Agency Director Mark Calabria told House lawmakers today.
COVID-19 forbearance programs—and the rules, regulations and requirements that govern them—present a host of new and unique compliance challenges for mortgage servicers.
While noting that the Federal Housing Finance Agency’s re-proposed regulatory capital framework for Fannie Mae and Freddie Mac addresses concerns raised by ABA about the original 2018 proposal, the association today said the May re-proposal “raises concerns of its own, particularly with regard to the implications for the primary market and our members’ continued ability to sell loans to the GSEs in the revised GSE marketplace implied by the re-proposal.”
The Federal Housing Finance Agency today delayed a 50 basis point fee it had planned to start imposing on Fannie Mae and Freddie Mac refinanced mortgages.
Fifty-one state bankers associations wrote to Federal Housing Finance Agency Director Mark Calabria today urging him to rescind the 50 basis point fee on refinance loans announced by Fannie Mae and Freddie Mac last week.
A group of Democratic senators today wrote to FHFA Director Mark Calabria raising concerns about a recent announcement that Fannie Mae and Freddie Mac will impose an “adverse market refinance fee” of 50 basis points for no-cash-out and cash-out refinance mortgages—a move strongly criticized by ABA and several other financial trade associations last week.
In a surprise move Wednesday night, Fannie Mae and Freddie Mac announced that they will impose an “adverse market refinance fee” of 50 basis points for no cash-out and cash-out refinance mortgages with delivery dates on or after Sept. 1, 2020 (for Fannie Mae loans) or with settlement dates on or after September 1 (for Freddie Mac loans).
ABA yesterday welcomed the Consumer Financial Protection Bureau’s proposal to extend the temporary “GSE patch”—which grants Qualified Mortgage status to loans eligible to be purchased or guaranteed by Fannie Me or Freddie Mac—until the bureau’s proposed QM rule changes are finalized and take effect.