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"The IG thinks that we're not following GAAP. We were taking the more conservative approach in our belief," said John Getchis, Ginnie Mae's senior vice president of capital markets.
An audit of Ginnie Mae financials identified four "material weaknesses" and one "significant deficiency," primarily related to the accounting of $6.6 billion in defaulted loans made by the failed lender Taylor, Bean & Whitaker.
WHO'S RIGHT? Blackstone CEO Stephen Schwarzman has described big investments in the rental business as a "bet on America.," but critics such as Rep. Mark Takano, D-Calif., have asked:"What kind of impact will these large investors have on our communities?"
Fresh questions are being asked about the role of investors in the rental market and how their eventual exit may impact mortgage lending, property values and the economic recovery.
The scorecard compares issuers’ operational strength and skill in managing delinquent loans with those of their peers.
Problems related to loan servicing dominate the consumer complaints about mortgage companies made to the Consumer Financial Protection Bureau, but an agency official expressed optimism about the industry's response to these grievances.
One in three struggling homeowners who received a loan modification through the Home Affordable Modification Program ultimately redefaulted on those loan.Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report presented to Congress.
The heightened regulatory environment for servicers has also prompted a wave of process improvements.
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