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Mortgage rates slip back below the 3% mark
Mortgage rates fell 2 basis points this week, remaining near their historic lows as they have for the past month with the markets roiled by uncertainty, according to Freddie Mac. (Full story here.)
FHFA headquarters in Washington, D.C.
Fannie, Freddie to face banklike liquidity standards starting Sept. 1
The Federal Housing Finance Agency quietly imposed new liquidity requirements on Fannie Mae and Freddie Mac in June that will require the mortgage giants to hold more liquid assets to cover sudden funding shortfalls, but that the companies say may result in lower net interest income. (Full story here.)
A man uses a Wells Fargo ATM inside a branch in New York.
Sens. Warren, Schatz press Wells Fargo on forbearance practices
Two Senate Democrats are seeking details from Wells Fargo about news reports that the bank has been placing borrowers into mortgage forbearance programs without their consent. (Full story here.)
Fannie Mae headquarters
Fannie Mae logs largest refinancing volume since 2003 in 2Q
While the broader economy took a walloping in the second quarter, Fannie Mae's earnings over that period showed an improvement from the first quarter — with the company logging the highest refinancing volume since the third quarter of 2003. (Full story here.)
KONSKIE, POLAND - June 21, 2019: CoreLogic Inc company logo on mobile phone
CoreLogic bidders seek support to replace nine directors
The investors seeking to take over CoreLogic Inc. plan to solicit support from fellow shareholders to replace nine directors, after the company refused to engage in talks over their $7 billion proposal to take it private. (Full story here.)
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Coronavirus amplified existing customer service issues: J.D. Power
J.D. Power's 2020 mortgage servicer customer survey and rankings reflects the vast impact of the coronavirus pandemic, but surprisingly, not in an entirely negative way. For the industry as a whole, the average satisfaction score rose slightly to 781 from 777 in the 2019 survey. (Full story here.)
Freddie Mac
Freddie Mac's net income grows exponentially in second quarter
Freddie Mac realized $1.78 billion in net income during the second quarter, up tenfold from $173 million in the first quarter and an edge up from $1.51 billion the year prior. The government-sponsored enterprise's comprehensive income similarly improved, generating $1.94 billion, which is triple the first quarter's $622 million and an improvement from $1.83 billion year-over-year. (Full story here.)
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Arch and Genworth's higher default levels result in lackluster 2Q
Higher levels of defaults, driven by the coronavirus, led to lower second-quarter earnings for the mortgage insurance units of Arch Capital and Genworth Financial. But new insurance written at both benefited from the low interest rate environment during the quarter. (Full story here.)
Dan Gilbert
Quicken Loans parent Rocket aims to raise $3.3B in IPO
The Detroit-based company, which owns Rocket Mortgage and Quicken Loans, is offering 150 million shares for $20 to $22 each, according to a filing Tuesday with the U.S. Securities and Exchange Commission. The IPO is expected to price on Aug. 5, terms of the deal reviewed by Bloomberg show. (Full story here.)
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CFPB chief welcomes GOP focus on restructuring of agency
Following a court decision that removes a layer of job security for the head of the Consumer Financial Protection Bureau, the agency's current director said she is open to Republican lawmakers' proposals to change the bureau's structure. (Full story here.)
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Loan woes heighten risks to American Dream bonds
Three missed mortgage payments on another megamall property operated by the owners of the bond-financed American Dream development have investors concerned whether the large-scale New Jersey project can withstand the lengthy closure caused by the COVID-19 pandemic. (Full story here.)
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Senate confirms Wade as FHA commissioner
The Senate on Tuesday confirmed Dana Wade as commissioner of the Federal Housing Administration in a 57-40 vote.

Wade is succeeding acting FHA Commissioner Len Wolfson, who took over when former Commissioner Brian Montgomery was confirmed as deputy secretary of the Department of Housing and Urban Development. (Full story here.)