Secondary markets

The senior vice president for capital markets at the Housing Policy Council died Saturday after sustaining critical injuries a week prior.

"Someone somewhere has not taken a victory lap for the work that has been done to rehabilitate the enterprises." Priscilla Almodovar said in a Bloomberg interview.

Citizens' SVP and director of mortgage secondary and capital markets reflects on what her experience with past cycles suggests about where this one may be headed.

Anne Marie Pippin, associate director in the Federal Housing Finance Agency's Office of Financial Technology, weighs the forces shaping the industry's future.

Even though it is less than two years since it allowed Fannie Mae and Freddie Mac to accept such valuations, it is difficult to evaluate their effectiveness without such examinations.

Though home mortgage issuance has slumped in line with originations, new potential bank capital rules and increased consumer debt consolidation could boost activity for these two subsets in the secondary market.

Questions about how it will be implemented and whether the rest of the market will follow the agency's lead make the expense involved difficult to estimate.

While the latest change applies specifically to COVID forbearances, the agency is looking at more options for alternatives that can be offered on a regular basis, Director Sandra Thompson said.

The shape it takes could have implications for how Fannie Mae and Freddie Mac price loans for nonbanks and depositories.

But at the same time, the publicly traded company is selling off another type of housing finance asset to some large depository institutions.