Posted To: Pipeline Press

Elaine F. reminded me of a quote from Hemingway: “Never mistake motion for action.” And basketball coach John Wooden said, “Never mistake action for achievement.” The FHFA is certain taking action, and moving toward achieving its goals, although those don’t necessarily match those of many borrowers or lenders. Why every originator should care is spelled out in “The Secondary Market’s Presence in the Primary Markets” . By raising gfees (as lenders saw last Friday) to one borrower at a time, will Freddie Mac and Fannie Mae reach the hundreds of billions of dollars of retained capital that many believe are required to exit conservatorship ? Of course not. And it appears that TPO business (correspondent and wholesale) is being hit much harder than…(read more)

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Source: Mortgage News Daily