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Friday Round-Up: Obama Points to Housing Reform, AAG Targets Growth

In case you missed it… here’s what happened in reverse mortgage news this week. 

 President Obama laid out a plan for housing reform. Including the wind down of Fannie Mae and Freddie Mac as well as the return of private capital to the market, the president spelled plans for housing reform, as delivered in a speech Tuesday. 

AAG announced plans to gear up for growth. The company, which completed its first Ginnie Mae HMBS issuance in July, reported a record month for originations and laid plans going forward to continue on its growth path. 

In earnings… Reverse mortgage parent companies Walter, Nationstar and Ocwen all reported strong earnings in the second quarter, with Ocwen and Walter attributing gains in part to reverse mortgage performance. Knight/Getco reported merger-related losses during the quarter; in which it owned Urban Financial prior to selling that business to an investor group. 

Industry members weighed in on upcoming program changes. While the impact to volume remains to be seen, the changes that have been discussed by HUD are being received positively, in general, by the industry. 

Written by Elizabeth Ecker