Ben Eisen

speaker

1,467 appearances 35 recordings 1 series first heard Jul 2017 last heard Nov 2024

Ben Eisen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Banks Are Back in the Mortgage Bond Business · 17 Sep 2019 podcast

So, yeah, what the Trump administration wants to do is, first of all, they want to take them out of government control and privatize them. matched

But whether or not that happens, they're sort of making the case that Fannie and Freddie should not be doing as much business as they do now, that their role should shrink. matched

And what that means effectively is that there are a lot of types of loans that they buy that maybe they don't need to, such as loans made for investor properties or when someone buys a second home or if they're getting a refinance where they take cash out. matched

These are all sort of seen as ancillary to the mission of Fannie and Freddie of prosperity. matched

kind of helping ensure and promote homeownership. matched

So if all of that moves out of Fannie and Freddie's purview, there's a sense that, well, the private market, the banks and the other institutions that make private label securities could instead be doing that business. matched

So that's the opportunity that they kind of see on the horizon here. matched

Well, I think the biggest change since the crisis is that you have a lot of regulations around how a loan is made. matched

So that has nothing to do with the investor themselves, but that has to do with the lender. matched

So when you go into, well, maybe it's a bank branch or maybe it's an independent lender, they have a lot more requirements around ensuring that you can pay the loan when you take it out. matched

So matched

That is sort of what's seen as, I think, a lot of the improvement that's made in terms of making sure we don't end up in a similar situation this time. matched

WSJ Your Money Briefing · Tapping Your Mortgage for Cash Faces New Restrictions · 2 Aug 2019 podcast

So when you think about a refinance, usually what you're doing is you're taking your old mortgage, you're trading it in for a new one.

But what you can do in a lot of cases is you can trade in the old mortgage and take out a new one with a bigger balance.

And you basically pocket that cash and you can use it for whatever you want.

But it's basically adding the cash that you take out to the value of your mortgage.

Exactly.

Yeah, this is the program mostly for first-time homebuyers.

So what's happening here is they're lowering the cap on what's allowable.

So you used to be able to take out a cash out refi that was equal to 85% of the value of your property.

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