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The economic consequences of the COVID-19 pandemic are increasingly clear, and so are the results of some efforts to alleviate financial hardships. Ginnie Mae and the Federal Housing Finance Agency have mandated servicers of FHA, VA, and GSE (Fannie Mae and Freddie Mac) loans to offer forbearance plans to their borrowers and this requirement was codified by Congress in the CARES Act. Borrowers using those plans have soared into the millions. When the mandate was announced, there was concern from several quarters about the advances of principal and interest (P&I) payments servicers are required to make to investors in mortgage-backed securities even when borrowers are not paying on their loans. Servicers are also responsible for homeowner insurance premiums and property taxes. When these
Housing News
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The economic consequences of the COVID-19 pandemic are increasingly clear, and so are the results of some efforts to alleviate financial hardships. Ginnie Mae and the Federal Housing Finance Agency have mandated servicers of FHA, VA, and GSE (Fannie ... (read more)
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Rob Chrisman
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In the last two months everyone figured out the difference between “WFH” and “WTF,” and many in captivity are looking forward to being released , if only temporarily. My cat Myrtle, who wants to maintain my “work at home... (read more)
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MBS Commentary
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Bonds lost ground last week, overall, with 10yr yields rising the better part of 10bps. MBS lost ground as well, but not UMBS 2.0 coupons. These are the up-and-comers. Now this week, the Fed has added them to their list for daily pu... (read more)
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Mortgage Rate Watch
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Mortgage rates ended the week on a low note (in a good way), falling in line with their best recent levels. This put some lenders in line with April 30th's offerings which is a great place to be considering they marked the 2nd lowest rates of all-tim... (read more)
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Housing News
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Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report which covered plans put into effect by mortgage servicers through April 30. The new total represents 7.3 percent of ... (read more)
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Housing News
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Fannie Mae's Home Purchase Sentiment Index (HPSI) plummeted 17.8 points in April. Combined with its 11.7-point loss in March the Index is at 63.0, its lowest reading since November 2011. Several of its components are now in net negative territory. Th... (read more)
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