The recent drop in interest rates has opened the door for lenders to refinance borrowers with high-cost Federal Housing Administration loans into conventional Fannie Mae and Freddie Mac loans.
While Fannie Mae and Freddie Mac wait for Congress to decide when and how to act on housing industry legislation, the government-sponsored enterprises are working with their regulator on "nonlegislative GSE reform" that will better prepare them to implement new laws.
The risk retention rule unveiled Tuesday was hailed by the industry for its definition of a "qualified residential mortgage," but analysts say a comeback for private-label securitization still faces huge obstacles.
Recently released HMDA data strongly suggest that the reason minority homeownership rates are falling since the beginning of the recession isn't because minorities are opting out of the mortgage process, but because they're being excluded.
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