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$Fannie / Freddie - $Yabba $Dabba Doooo ! - $Workin' on a $NEW 52 !
$Trump floats $Billionaire $Paulson as potential Treasury chief,
Bloomberg reports
Reuters - March 13, 20243:07 PM
March 13 (Reuters) - Donald Trump, who is set to face President Joe Biden in November's presidential
election, has talked about selecting billionaire hedge fund manager John Paulson as his Treasury secretary should he win, Bloomberg reported on Wednesday.
Paulson's name has been mentioned in recent discussions, according to the report that cited
unnamed people familiar with Trump's thinking.
The conversations were informal and preliminary, the report added. No decisions about a possible
cabinet have been made by the former president, it said.
"There have been no discussions about who will serve in a second Trump administration,"
Trump spokesperson Steven Cheung said. Paulson is the founder of Paulson & Co, which
did not immediately respond to a request for comment.
Trump officially clinched the Republican Party nomination on Tuesday. Biden, a Democrat,
secured his party's nomination as well, setting up the first U.S. presidential election rematch
in nearly 70 years.
Citing people with knowledge of the discussions, Bloomberg also reported that other potential
options for Trump's treasury secretary include former U.S. Trade Representative Robert Lighthizer,
Susquehanna International Group founder Jeff Yass and Key Square Group founder Scott Bessent.
No conflit - investments are put in a Blind Trust - "or"
Mnuchin was allowed to Divest - SELL ALL
investments TAX Deferred to take Treasury Sec JOB !
.........
https://www.propublica.org/article/trumps-treasury-secretary-pick-steven-mnuchin-is-a-lucky-man
Trump Has Raised Billionaire John Paulson as Potential Treasury Pick
Hedge fund titan is floated as possible Treasury Secretary
Presumptive GOP nominee has held informal talks on options
By Jennifer Jacobs and Jordan Fabian
March 13, 2024 at 1:27 PM PDT
Donald Trump has talked about hedge fund titan John Paulson as Treasury secretary if he wins the November presidential election, and has held a series of meetings with potential cabinet picks, according to people familiar with the matter.
Paulson’s name has come up in recent discussions, according to those familiar with Trump’s thinking, who requested anonymity to discuss private conversations.
Biden Administration in No Rush on GSE Reform
(despite pie in the sky Biden assumptions - in an "election year"
this is a complete 100% TRUMP TRADE issue)
Biden Administration in No Rush on GSE Reform
(despite pie in the sky Biden assumptions - in an "election year"
this is a complete 100% TRUMP TRADE issue)
White House FY2025 Budget comments on Fannie Mae and Freddie Mac
https://t.co/7u5P1o0K5E
White House FY2025 Budget comments on Fannie Mae and Freddie Mac
https://t.co/7u5P1o0K5E
Biden’s relaxed new Freddie, Fannie refi requirements irk title industry
MATT CARTER
https://www.inman.com/2024/03/11/bidens-relaxed-new-freddie-fannie-refi-requirements-irk-title-industry/
A move by the Biden administration to allow some homeowners to refinance their mortgage without paying for title insurance has raised the ire of the title insurance industry, which has fought previous initiatives to relax title insurance requirements.
The pilot program announced Thursday would allow lenders to sell some of the mortgages they refinance to Fannie Mae and Freddie Mac without having to provide independent verification that there are no clouds on the property’s title through a legal opinion or a lender’s title insurance policy.
One of several housing initiatives unveiled by President Biden during his State of the Union address Thursday, The White House estimates it will save thousands of eligible homeowners an average of $750, and up to $1,500.
Sandra Thompson
“?For many aspiring and current homeowners, closing costs represent a substantial affordability barrier to purchasing or refinancing a home,” Sandra Thompson, the head of Fannie and Freddie’s federal regulator, said in a statement. “Homeowners who want to refinance their mortgages are often surprised to learn that the out-of-pocket costs can make that difficult. One of those costs is a new lender’s title insurance policy that covers the lender, but not the homeowner.”
Thompson said the program will apply only to “low-risk refinance transactions where there is confidence that the property is free and clear of any prior lien or encumbrance,” and is designed “to test whether allowing lenders to sell these refinance loans is a responsible approach to reducing the closing costs incurred by existing homeowners.”
The American Land Title Association (ALTA), the title industry’s Washington, D.C.-based advocacy group, dismissed the pilot program as a “purely political gesture offering a false promise of savings for homeowners while exposing consumers, lenders, and taxpayers to greater financial risk.”
ALTA has been engaged in extensive public relations and lobbying campaigns opposing “unregulated title insurance alternatives” such as attorney opinion letters, which threaten to cut into the business of the association’s members.
ALTA hired a public relations firm, Marathon Strategies, in 2021 to conduct “a corporate rebranding campaign” around the theme “Our Title Is Protection.” The campaign was aimed at “educating consumers and policymakers and shaping public perceptions of the industry,” according to an ALTA webinar.
But Fannie Mae and Freddie Mac in 2022 began allowing lenders the option of using an attorney opinion letter instead of traditional title insurance for some loans, to the consternation of title insurers.
Last year ALTA boosted spending on lobbying by 61 percent, to $1.34 million, according to records tracked by OpenSecrets.
In December, Fannie Mae expanded the use of attorney opinion letters to include loans secured by condominiums and properties subject to restrictive covenants.
Diane Tomb
“Fannie Mae’s decision to expand the allowance for attorney opinion letters in lieu of title insurance to loans purchased on condominium units will expose additional consumers and lenders to unneeded risk and weaken protection of property rights,” ALTA CEO Diane Tomb said in a statement at the time. “Title insurance provides more comprehensive coverage, particularly related to risks not easily discoverable by a simple public records search.”
Tomb also called it “troubling” that Fannie Mae’s decision to expand the use of attorney opinion letters in December was made “without engagement with the title insurance industry despite ongoing outreach from the ALTA and its members” to Fannie Mae and its federal regulator, the Federal Housing Finance Agency (FHFA).
ALTA took a similar stance Thursday.
“By announcing this only hours before the State of The Union address, without outreach to, or engagement with, the title insurance industry, the [Biden] administration has reduced the crucial role of the industry to nothing more than a politicized talking point,” ALTA said in a press release.
Analysts at Fitch Ratings said they don’t expect the title acceptance pilot will impact its ratings of title insurers given that the program as approved “would initially apply to a very limited number of refinance transactions, while still allowing lenders to ensure clear title through a title insurance policy or AOL [attorney opinion letter].”
“The ultimate usage of this product and the impact on title insurance policy issuance and premium volume remain uncertain,” Fitch analysts said in commentary released Friday.
In a November 2023 analysis published by the Mortgage Bankers Association, attorneys at the law firm Blank Rome concluded that “there is room for both types of products [title insurance and attorney opinion letters] to exist in today’s market.”
Enhanced” attorney opinion letters that are coupled with insurance “offer more coverage than their traditional AOL predecessors,” Blank Rome attorneys wrote. Although “enhanced AOLs” can’t insure against unknowable risks, “title defects are relatively rare, and some consumers and lenders may be willing to assume these risks where cost savings can be achieved through purchasing an enhanced AOL in lieu of a title insurance policy.”
Another recent analysis by the Urban Institute noted that while providers of traditional forms of insurance pay out 70 percent of the premiums they collect as claims, title insurers pay just 5 percent. Title insurers point out that much of the cost of providing title insurance is wrapped up in researching and clearing clouds from titles. But the Urban Institute put the cost of title searches at less than $200.
“If title insurance were similar to other types of insurance, the premium the homeowner pays could be dramatically lower,” Urban Institute researchers concluded in their analysis, “Rethinking Title Insurance Could Dramatically Lower Costs for Homebuyers.”
Alita Group, a startup that’s building a platform to allow service providers to issue insured title opinion letters, estimates homebuyers can save $1,500 on average.
An insured title opinion letter “combines the strength of a legal opinion, the efficiency of a data-driven title review, and the protection of comprehensive liability insurance to provide an alternative to title insurance that meaningfully reduces closing costs for consumers,” the company claims.
President Biden had much to say on #affordablehousing policy during last Thursday's State of the Union. Be sure to join us TOMORROW as we continue the conversation with NEC director, Lael Brainard.
— Janneke Ratcliffe (@JRatcliffeHFPC) March 11, 2024
Register to participate online or in person at: https://t.co/XNVgi5jfhI pic.twitter.com/wRtpbInNo4
As IMFnews went to press Monday, Marcia Fudge announced that she will step down
as secretary of the Department of Housing and Urban Development, effective March 22.
A Biden appointee, Fudge, 71, did not provide a specific reason...
New York Community Bancorp will pay its new incoming President and Chief Executive
Joseph Otting a base salary of $1.25 million and a maximum cash bonus of $4.50 million
during his first year of tenure. But that’s not all. The former vice chairman of U.S. Bancorp
will be given a one-time stock option grant to acquire 15 million shares of NYCB’s common
at a strike price of $2.00 a share. The details were revealed in a new SEC filing…
In trading Monday, NYCB’s common was selling for $3.24, which means the stock options
are already “in the money.” In recent weeks, NYCB posted larger-than-expected losses
and vastly restated fourth quarter results. Last week, the bank faced something of an
existential threat, its share price falling to $1.70 a unit. Then, investment banker and
former Treasury Secretary Steve Mnuchin and partners swooped in with a $1 billion rescue
package. NYCB is the parent of Flagstar Bank, the nation’s second-largest warehouse provider…
Why Biden's so obsessed with housing policy
Why Biden's so obsessed with housing policy https://t.co/ENfhKYsrpK
— Cmdr Ron Luhmann (@usnavycmdr) March 11, 2024
Director Sandra L. Thompson Statement on the Departure of HUD Secretary Marcia L. Fudge
FOR IMMEDIATE RELEASE - 3/11/2024
?Secretary Marcia Fudge is an outstanding leader who is a strong advocate for affordable, equitable, and sustainable housing opportunities for all Americans. During her tenure as Secretary of HUD, the country faced numerous housing challenges including recovering from the COVID-19 pandemic, limited affordable housing supply, and the continuing effects of housing discrimination and homelessness. Secretary Fudge took decisive action to address these and other challenges. Under her leadership, HUD worked to ensure that every American had housing and the ability to live in strong and resilient communities. Her leadership has empowered people to build better futures for themselves and the generations that will follow. The impact of her work on the country’s affordable and often most vulnerable housing cannot be overstated.
Secretary Fudge led a first-of-its-kind interagency taskforce committed to rooting out racial and ethnic bias in home valuations, the Property Appraisal and Valuation Equity (PAVE) task force. Under her leadership, the PAVE task force issued a comprehensive plan for interagency action, is fostering Federal and state supervision and enforcement protocols, establishing consumer rights to obtaining reviews of appraisals, and strengthening appraisal ethics. I am deeply grateful for Secretary Fudge’s leadership and partnership in addressing the housing challenges faced by our Nation. I wish Secretary Fudge the best in her future endeavors.
FHFA Info Resources Mgmt Strategic Plan FY 2024-26
— Cmdr Ron Luhmann (@usnavycmdr) March 11, 2024
The FHFA IRM Plan: Fiscal Years 24-26, provides direction, org alignment, for key info tech & data initiatives and ongoing operations. https://t.co/dFOjdTvtab
What former FHFA Director Mark Calabria foresees for housing
By Bonnie Sinnock March 08, 2024
Depending on the outcome of the next presidential election and alignment between the heads of key agencies, a exit from government conservatorship for Fannie Mae and Freddie Mac could be closer than many think.
What former FHFA Director Mark Calabria foresees for housing https://t.co/AI3nLFikaC
— Cmdr Ron Luhmann (@usnavycmdr) March 9, 2024
$Lemmings $Want $Shares - 178,149 on the $Freddie $BID
— I Am (@TheYuckyOne) March 6, 2024
Maxine Waters, Ranking Member, Delivers Opening Statement During Full Committee Markup:
“Republicans Are Proposing Bills That Prove They Are All Talk When It Comes to Combatting
Our Nation’s Worsening Affordable Housing and Homelessness Crisis.”
Washington, DC, February 29, 2024
Tags: Full Committee , HUD , Markup
Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement at a full Committee markup.
Thank you very much, Mr. Chairman. Good morning. Today, this Committee is marking up five bills, including my bill, as you just mentioned the “Wildfire Insurance Coverage Study Act.” Climate change is making wildfires much more devastating and deadly, including in my home state of California, and unfortunately right now in Texas and Oklahoma – where whole communities are being destroyed by wildfires. At the same time, insurance companies are declining coverage, and while I understand that insurance companies cannot calculate the cost of the potential of these disasters, I believe that Congress needs to think about what we need to do to help prepare and protect families and small businesses.
However, once again Mr. Chairman, we are on the brink of another government shutdown that could block Federal support to Americans. Today we will once again vote to kick the can down the road, one more week, and be forced to watch for another week as the utter disfunction of the Republican House majority further undermines stability in our democracy and puts our nation’s consumers and economy at great risk.
And in this Committee, we are also going to consider a resolution that will put our economy at risk by gutting the SEC’s ability to protect investors and clear up confusion for industry. This resolution would rescind SEC’s Staff Accounting Bulletin 121, or S-A-B 121. This bulletin is non-binding SEC staff guidance intended to help clarify how a company should account for its customers’ cryptocurrencies. We often hear Republicans and the crypto industry complain about a lack of clarity from the SEC, but ironically, the resolution before us effectively blocks the SEC staff from providing that clarity around crypto.
What’s more, Republicans are proposing bills that prove that they are all talk when it comes to combatting our nation’s worsening affordable housing and homelessness crisis. I am deeply disappointed that while over 653,000 people experience homelessness every night and millions more are just one crisis away from becoming homeless, the only solution Republicans have is to require the HUD Secretary and the Inspector General to testify annually. Time and time again, Republicans have proven that they would rather point the finger at everyone else than put forward serious legislation to address the crisis themselves. In fact, their abysmal report on housing proves this.
For example, so far, the only housing bill they have moved since being in the majority is a bill that makes homeownership more expensive. In comparison, last Congress under my leadership as Chair, we passed 12 housing bills into law. These laws helped millions of people find housing, remain stably housed, and avoid eviction and foreclosure. But more is needed.
If my colleagues are serious about solving this crisis like they say they are, then this Committee should move immediately to consider the three pieces of legislation I and my Democratic colleagues have introduced, including the “Housing Crisis Response Act,” the “Ending Homelessness Act,” and the “Downpayment Toward Equity Act.” Together, these bills represent the single largest and most comprehensive investment in fair and affordable housing in U.S. history and will finally make housing a reality for everyone. In fact, many of the provisions in these bills respond to requests made by Republican witnesses during a field hearing in Mr. Lawler’s district last week, including to fund more Housing Choice Vouchers and provide incentives to private developers who build fair and affordable housing. The time is now to work together to do what our communities sent us here to do.
With that, I yield back.
Rep. Maxine Waters, D-CA, the ranking member of the
House Financial Services Committee, is calling on
President Biden to address affordable housing during the
state of the union speech this Thursday. Waters is being
joined in the effort by a number of other Democrats in Congress
and various housing advocates...
The serious delinquency rate on non-qualified mortgages
is rising. However, analysts at dv01, an analytics firm, said
that distressed non-QM borrowers make concerted efforts
to make at least some payments in an effort to avoid
foreclosure.
“The general lack of charge-offs or losses in the non-QM universe
suggests that modification and loss mitigation is still a high
priority for servicers,” the firm said...
Fannie Mae is preparing to issue a credit risk transfer
transaction tied to a pool of mortgages with a total
unpaid principal balance of $18.6 billion. The
government-sponsored enterprise is looking to sell off
$751.3 million to investors.
jus got e-mail reply from Hamish Hume ! ....
***********************************************************************************************
Hamish Hume
From: hhume@bsfllp.com
To: Ron
Tue, Mar 5 at 7:54 AM
Yes, we are waiting on Judge Lamberth to enter a final judgment. Once that happens,
there will be a schedule for post-trial motions, and then for an appeal. A notice will be
sent before any distribution. It is extremely frustrating how long it takes. Please try to
copy the others listed here on any requests for updates, as I am not always able to
respond. Thanks.
Hamish PM Hume, Partner
BOIES SCHILLER FLEXNER LLP
1401 New York Avenue N.W.
Washington, DC 20005
(o) +1 202 274 1149
(t) +1 703 328 9651
hhume@bsfllp.com
www.bsfllp.com
******************************************************************************
Share of Fannie and Freddie loans to first-time buyers reaches new high
New ICE origination data offers interesting takeaways on FTHBs
(FTHBs - first-time homebuyers )
March 04, 2024 - Arnie Aurellano
With originations sinking to a 30-year low in 2023, first-time homebuyers
(FTHBs) made up an all-time high 47% of all purchase mortgages backed by the
government-sponsored enterprises in 2023, Intercontinental Exchange (ICE) reported.
Just 4.3 million mortgages were originated last year, the fewest on record
in the 30 years ICE has been keeping track. More than 80% of those were
purchase loans, helping push FTHBs to 44% of overall agency securities
issuance — a particularly high share.
“Since 1995, only two quarters have seen fewer than 1 million first lien
mortgages originated,” said Andy Walden, vice president of enterprise
research strategy. “The first was Q1 2023, and Q4 the second. Looking
back, last year’s market was dominated by purchase lending, with
loans to buy homes making up 82% of a historically low number of
originations.
“While it remains a tough market for prospective purchasers, our
MBS (mortgage-backed securities) agency securities database
revealed that first-time homebuyers actually made up 55% of all
agency purchase mortgages last year. That’s the highest share
in the 10 years we’ve been tracking the metric.”
Thirty-nine percent of all government-sponsored enterprise
(GSE) securitizations in 2023 were FTHB purchase loans.
That’s at least 12 percentage points higher than any other
vintage in the past 10 years.
“The market in which these folks purchased their first home
was one of record house prices, ballooning down payments,
rising rates and elevated DTIs,” Walden said. “Given record
exposure to first-time homebuyer loans, it’ll be worth watching
the performance of this cohort very closely moving forward,
particularly for those invested in 2023 agency MBS.”
Predictably, FTHBs have generally lower credit scores than
repeat buyers. This holds true in conventional purchase loans,
where the average first-timer has a score nine points lower
than the average repeat homebuyer, and in VA purchases,
where that gap widens to 23 points. But ICE’s data reveals
that among FHA loans, FTHBs and repeat buyers largely carry
the same average scores. And interestingly, while first-time
buyers have higher front-end debt-to-income ratio
(based exclusively on housing expenses) than repeat buyers,
their back-end DTIs (which take all other recurring expenses
into account) are actually comparable. First-time buyers spend
a larger share of income on housing, but typically pay less on other
forms of debt.
Share of Fannie and Freddie loans to first-time buyers reaches new high
New ICE origination data offers interesting takeaways on FTHBs
(FTHBs - first-time homebuyers )
March 04, 2024 - Arnie Aurellano
With originations sinking to a 30-year low in 2023, first-time homebuyers
(FTHBs) made up an all-time high 47% of all purchase mortgages backed by the
government-sponsored enterprises in 2023, Intercontinental Exchange (ICE) reported.
Just 4.3 million mortgages were originated last year, the fewest on record
in the 30 years ICE has been keeping track. More than 80% of those were
purchase loans, helping push FTHBs to 44% of overall agency securities
issuance — a particularly high share.
“Since 1995, only two quarters have seen fewer than 1 million first lien
mortgages originated,” said Andy Walden, vice president of enterprise
research strategy. “The first was Q1 2023, and Q4 the second. Looking
back, last year’s market was dominated by purchase lending, with
loans to buy homes making up 82% of a historically low number of
originations.
“While it remains a tough market for prospective purchasers, our
MBS (mortgage-backed securities) agency securities database
revealed that first-time homebuyers actually made up 55% of all
agency purchase mortgages last year. That’s the highest share
in the 10 years we’ve been tracking the metric.”
Thirty-nine percent of all government-sponsored enterprise
(GSE) securitizations in 2023 were FTHB purchase loans.
That’s at least 12 percentage points higher than any other
vintage in the past 10 years.
“The market in which these folks purchased their first home
was one of record house prices, ballooning down payments,
rising rates and elevated DTIs,” Walden said. “Given record
exposure to first-time homebuyer loans, it’ll be worth watching
the performance of this cohort very closely moving forward,
particularly for those invested in 2023 agency MBS.”
Predictably, FTHBs have generally lower credit scores than
repeat buyers. This holds true in conventional purchase loans,
where the average first-timer has a score nine points lower
than the average repeat homebuyer, and in VA purchases,
where that gap widens to 23 points. But ICE’s data reveals
that among FHA loans, FTHBs and repeat buyers largely carry
the same average scores. And interestingly, while first-time
buyers have higher front-end debt-to-income ratio
(based exclusively on housing expenses) than repeat buyers,
their back-end DTIs (which take all other recurring expenses
into account) are actually comparable. First-time buyers spend
a larger share of income on housing, but typically pay less on other
forms of debt.
Dated Feb 20,2024 - GSE Takings Claim Appeal Brief on Sweeney dismissal
https://t.co/WMNKcHwjHT
Dated Feb 20,2024 - GSE Takings Claim Appeal Brief on Sweeney dismissal
https://t.co/WMNKcHwjHT
Are Foreclosures Good ?
Fannie /Freddie now have too high credit scores -750
Are Foreclosures Good ?
Fannie /Freddie now have too high credit scores -750
Fannie, Freddie investors see payoff in a Trump win
The boost in stock value is a sign that for some investors,
a Trump victory would pay.
BY: KATY O'DONNELL | 03/04/2024 05:00 AM EST
Investors are excited by the possibility of a Trump win, hoping i
t will lead to Fannie Mae and Freddie Mac being privatized.
The prospect of Donald Trump returning to the White House
is reviving investor hopes that Fannie Mae and Freddie Mac,
the government-controlled companies underpinning half the
residential mortgage market, could once again become
private businesses.
Keefe, Bruyette & Woods last week upgraded its stance on
shares of Fannie, pointing to speculation about a close election.
The stock has already jumped in the wake of Trump’s win in
Iowa in January, rising from 96 cents on Jan. 12 to $1.28 by
March 1. Freddie’s stock rose from 80 cents to $1.08 over
the same period.
The boost in stock value is a sign that for some investors,
a Trump victory would pay. The Trump administration took
several steps toward ending the government conservatorship
of Fannie and Freddie, which purchase mortgages from lenders
and bundle them into securities for sale to investors, freeing
up lenders to make more loans.
The tighter the race appears to be, the more Fannie’s stock will
respond, according to KBW analyst Bose George. The firm raised
Fannie’s stock from “market perform” to “outperform” and increased
its price target to $2 from $1.25.
https://subscriber.politicopro.com/article/2024/03/fannie-freddie-investors-see-payoff-in-a-trump-win-00144410
Fannie and Freddie’s stocks have gone up on speculation about a tight presidential race, but would a Trump win really deliver privatization? My story on the odds: https://t.co/3WrHAr61s1
— Katy O'Donnell (@KatyODonnell_) March 4, 2024
“There’s a 70-80 percent likelihood that a Republican administration would work toward exit from conservatorship,” Calabria said. “We did a tremendous amount of planning, and all of that work still exists and is on the shelf somewhere.”
— Katy O'Donnell (@KatyODonnell_) March 4, 2024
“My default is these things are always false optimism,” said @MichaelRBright. “I roll my eyes every single time chatter increases about their release...You would need Congress, FHFA and Treasury all working on this seriously — that’s the only way out, in my mind.”
— Katy O'Donnell (@KatyODonnell_) March 4, 2024