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In his analysis of current mortgage credit tightening for the Joint Center on Housing Studies excerpted here earlier, Don Layton included a special section on lender overlays . The former Freddie Mac CEO focused specifically on how those overlays may be affected by the borrower forbearance mandated by the CAREs Act for borrowers impacted financially by the COVIC-19 pandemic. During and after the 2008 housing crisis mortgage intermediaries (originators) added their own underwriting requirements to those required by the GSEs, FHA, and the VA. These overlays were designed to counter "representation and warranty risk," - i.e., the possibility they would be required to buy back and possibly absorb default losses from loans they sold to the government agencies that lacked characteristics required
Housing News
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In his analysis of current mortgage credit tightening for the Joint Center on Housing Studies excerpted here earlier, Don Layton included a special section on lender overlays . The former Freddie Mac CEO focused specifically on how those overlays may... (read more)
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MBS Commentary
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Lots of Indecision, But The Outcome Should Make Sense
Both stocks and bonds are trading sideways after taking a step back from their early June momentum. This indecision reflects uncertainty about econo... (read more)
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Mortgage Rate Watch
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Mortgage rates moved modestly lower today, but face an uphill battle in general. They fell very quickly as coronavirus first hit financial markets. They hit multiple new all-time lows in since March 9th and continued setting new records as recently a... (read more)
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Rob Chrisman
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Some things are uncertain, like whether colleges, driven by ticket & TV income, bring back their football players when the rest of the student body “remains virtual” this autumn. (Harvard law school is online for the fall semester, fo... (read more)
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Housing News
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House prices continued to be unfazed by the current economic upheaval. The Federal Housing Finance Agency (FHFA) reports that its U.S. House Price Index for April, the first full month that reflects the impact of the pandemic, continued to rise almos... (read more)
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Housing News
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The nine-week string of increases in purchase mortgage applications came to an end last week and refinancing volume pulled back as well. Consequently, the Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of overall application... (read more)
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