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Ginnie Mae Brings Platinum Channel to Reverse Mortgage Securities
The Government National Mortgage Association (GNMA), also known as Ginnie Mae, announced on Thursday that mortgage securities backed by Home Equity Conversion Mortgages (HECMs) can now make use of a new “platinum” securities execution: the Home Equity Conversion Mortgages Backed Security (HMBS) Platinum securitization channel. This option, “eases the administrative costs of holding multiple (and […]
FAR Recycles Collateral in Series of New Defaulted HECM Bonds
The next offering of bonds from Finance of America Reverse (FAR) that are backed by defaulted reverse mortgages includes a higher percentage of loans from a 2017 transaction which collapsed recently. This is according to a story in Asset Securitization Report (ASR). “Nearly 67% of the loans in the $309 million loans and repossessed properties […]
CFPB Out of Bounds on Recent Exams, Misused Resources
At a time when the CFPB is getting accustomed to a new director, the CFPB has been found to have gone outside its examination authority, according to the Office of the Inspector General (OIG). According to a report released in March, OIG identified instances in which the Consumer Financial Protection Bureau (CFPB) examined financial service […]
New Figure Hire Emphasizes Retirement, ‘More Accessible’ Home Equity Tapping
Figure Technologies, providers of alternative home equity tapping tools including a sale leaseback offering that is competitive with traditional reverse mortgages, announced a new hire last month that expands the company’s positioning as a vendor of tools that can help seniors in funding their retirement. John Sweeney has been appointed as head of Wealth and […]
CFPB Director: Bureau Seeks to ‘Prevent Harm,’ Use Enforcement Cautiously
The primary mission of the Consumer Financial Protection Bureau (CFPB) under its new director, Kathleen L. Kraninger, will be in focusing on preventing harm to consumers by empowering them, educating them, ensuring clear rules by which financial institutions should operate, and ensuring a culture of compliance through supervision. This was the vision laid out by […]