ICBA Commends FHFA for Closing Pilot Program

Sep 19, 2019
ICBA commended the Federal Housing Finance Agency for ending its pilot program that enabled Fannie Mae and Freddie Mac to finance mortgage-servicing rights for certain mortgage servicers.

The pilot began in 2018 to provide financing to non-bank servicers, with Freddie Mac choosing to participate.

ICBA wrote in a May 2018 letter to the FHFA that providing a credit facility for servicers that cannot access other sources of financing and operating lines from commercial banks is outside the mission of the government-sponsored enterprises and puts them and taxpayers at risk.

Read ICBA Release