{"id":9613,"date":"2009-09-02T08:03:27","date_gmt":"2009-09-02T15:03:27","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=9613"},"modified":"2009-09-02T21:30:52","modified_gmt":"2009-09-03T04:30:52","slug":"introducing-manny-fae-and-merry-fac","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9613\/introducing-manny-fae-and-merry-fac\/","title":{"rendered":"Introducing Manny Fae and Merry Fac"},"content":{"rendered":"<p>&#8220;<em>Plus \u00e7a change, plus c&#8217;est la m\u00eame chose<\/em>&#8220;- Jean-Baptiste Alphonse Carr, 1849<\/p>\n<p>Hat tip to <a title=\"matthew graham\" href=\"http:\/\/www.mortgagenewsdaily.com\/mortgage_rates\/blog\/104366.aspx\">Matt Graham and Adam Quinones\u00a0of Mortgage News Daily<\/a><\/p>\n<p>You gotta hand it to the powerful Mortgage Bankers Association of America (MBAA).\u00a0 What they lack in imagination, they make up for in chutzpah.\u00a0 The MBAA released its report &#8220;<em><a title=\"mbaa\" href=\"http:\/\/www.mortgagebankers.org\/files\/Advocacy\/2009\/RecommendationsfortheFutureGovernmentRole.pdf\">Recomendations for Future Government Role in the Core Secondary Mortgage Market<\/a><\/em>&#8220;.\u00a0 This six page report (the other six pages are pictures and such) essentially suggests that the Federal Government charter &#8220;Mortgage Credit Guarantor Entities&#8221; (MCGE) with a mission to purchase whole loans from originators and issue securities for purchase by investors.<\/p>\n<p>These MCGE&#8217;s will be different from the existing GSE&#8217;s inasmuch as they:<\/p>\n<ul>\n<li>require originators to retain 5% of the risk of the underlying loan values in the form of &#8220;set aside&#8221; capital<\/li>\n<li>will be subject to &#8220;strong and effective regulatory oversight&#8221;<\/li>\n<li>will only guarantee &#8220;core&#8221; mortgage products (30 and 15 year fixed rate loans)<\/li>\n<li>will issue securities with the &#8220;explicit&#8221; guarantee of the full faith and credit of the United States Treasury rather than the former &#8220;implicit&#8221; guarantee<\/li>\n<\/ul>\n<p>The MBAA did recommend that the existing infrastructure of the &#8220;outdated&#8221; GSEs be used to establish new MCGEs.\u00a0\u00a0It recommends that initially, the number of MCGEs to be established should be&#8230;<\/p>\n<p><strong>two or three.<\/strong><\/p>\n<p>As I&#8217;ve said before, I criticize too much.\u00a0 As a taxpayer, I should be outraged but as a mortgage banker, I&#8217;m keeping my mouth shut;<\/p>\n<p><strong>I want to be President of Manny Fae before I retire.<\/strong><\/p>\n<p><em>PS:\u00a0 Read the whole report <\/em><a title=\"mbaa\" href=\"http:\/\/www.mortgagebankers.org\/files\/Advocacy\/2009\/RecommendationsfortheFutureGovernmentRole.pdf\"><em>here.<\/em><\/a><em>\u00a0 Pages 5-10 are the meat of the proposal\u00a0with lots of pretty pictures and footnotes on the other pages.<\/em><\/p>\n<p><em>PPS:\u00a0 Look for the more powerful National Association of REALTORs (NAR) to offer immediate support for and pledge lobbying efforts\u00a0 for the establishment of MCGEs<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Plus \u00e7a change, plus c&#8217;est la m\u00eame chose&#8220;- Jean-Baptiste Alphonse Carr, 1849 Hat tip to Matt Graham and Adam Quinones\u00a0of Mortgage News Daily You gotta hand it to the powerful Mortgage Bankers Association of America (MBAA).\u00a0 What they lack in imagination, they make up for in chutzpah.\u00a0 The MBAA released its report &#8220;Recomendations for Future [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-9613","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2716,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2716\/zillow-mortgage-zoriginators-delight-or-bane\/","url_meta":{"origin":9613,"position":0},"title":"Zillow Mortgage:  Zoriginators&#8217; Delight or Bane?","author":"Brian Brady","date":"March 7, 2008","format":false,"excerpt":"Greg Swann covered the big Zillow Mortgage announcement so I won't regurgitate the details here.\u00a0 I will weigh in my opinion and speculate about the consumer offering. I share Greg's enthusiasm for an independent originator database.\u00a0 The industry can't get it together and the Federal government may be violating the\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2717,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2717\/mortgage-complaint-welcome-to-the-world-of-consumer-policing-at-zillow-mortgage\/","url_meta":{"origin":9613,"position":1},"title":"Mortgage Complaint?  Welcome to The World Of Consumer-Policing at Zillow Mortgage","author":"Brian Brady","date":"March 7, 2008","format":false,"excerpt":"How can Zillow Mortgage become the online edition of the Better Business Bureau for mortgage lending? It just did. The future of consumer complaints is in transparency; breaking down the walls of the \"smoke filled rooms\" where industry insiders shear sheep and protect their own. This mortgage crisis has seen\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1622,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1622\/six-daily-disciplines-of-purposeful-advisers\/","url_meta":{"origin":9613,"position":2},"title":"Six Daily Disciplines of Purposeful Advisers","author":"Brian Brady","date":"July 3, 2007","format":false,"excerpt":"The following essay is taken from a lecture by Todd Duncan at the Strategic Equity Summit. Mr. Duncan opened the conference of 3,000 mortgage originators with an electric speech chock full of useful information. Mr. Duncan is an author, a highly sought after speaker, and a business consultant. His company,\u2026","rel":"","context":"In &quot;Real Estate&quot;","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1964,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1964\/can-the-nar-improve-a-buyers-financing-experience\/","url_meta":{"origin":9613,"position":3},"title":"Can the NAR Improve a Buyer&#8217;s Financing Experience?","author":"Brian Brady","date":"September 23, 2007","format":false,"excerpt":"Realtors have to stop complaining about the sorry status of the lending industry. Why? They have the power to make a difference but refuse to take action. I have often heard the Realtors' cry for licensing of loan originators and a plea for lending advisers to adopt a fiduciary capacity\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6681,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6681\/david-bartels-redefines-mortgage-originators-as-borrower-advocates\/","url_meta":{"origin":9613,"position":4},"title":"David Bartels Redefines Mortgage Originators as &#8220;Borrower Advocates&#8221;","author":"Brian Brady","date":"January 23, 2009","format":false,"excerpt":"I had fun today because\u00a0 I got to hang out with a bunch of mortgage salespeople.\u00a0 I drove up the 5 to Irvine, epicenter of the sub-prime mortgage industry, to see the High Performance Strategies Seminar, hosted by David Bartels and Greg Frost.\u00a0 David Bartels is an executive with Loan\u2026","rel":"","context":"In &quot;Real Estate&quot;","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2884,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2884\/zillowcoms-long-awaited-mortgage-lending-service-to-offer-anonymous-customized-loan-quotes-to-consumers-affording-loan-originators-the-opportunity-to-compete-transparently-for-free-mortgage-leads\/","url_meta":{"origin":9613,"position":5},"title":"Zillow.com&#8217;s long-awaited mortgage lending service offers anonymous customized loan quotes to consumers, affording loan originators the opportunity to compete transparently for free mortgage leads","author":"Greg Swann","date":"April 2, 2008","format":false,"excerpt":"Seattle-based real estate start-up Zillow.com tonight releases its long-anticipated mortgage lending product. We've known for nearly a month that Zillow's offering would include working loan originators in some fashion. What becomes clear tonight is that Zillow will basically be acting as a hands-off intermediary between mortgage-seeking clients and loan originators.\u2026","rel":"","context":"In &quot;Disintermediation&quot;","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=9613"}],"version-history":[{"count":8,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9613\/revisions"}],"predecessor-version":[{"id":9619,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9613\/revisions\/9619"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=9613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=9613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=9613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}