|
Fannie, Freddie Goals Released
More than a quarter of purchase-money mortgages acquired by Fannie Mae or Freddie Mac must be to low-income borrowers under a new rule established by the two companies' regulator. The duo cannot purchase private-label securities to reach new housing goals.
A final rule from the Federal Housing Finance Agency outlines new housing goals for the two government-controlled enterprises for 2010-2011.
The goals are required under the Housing and Economic Recovery Act of 2008.
read full story
Agency Issuance Rises 5th Straight Month
A jump in securitization activity at the Federal National Mortgage Association was enough to offset a decline at the Government National Mortgage Association. It was the fifth consecutive month that agency issuance was higher.
Mixed Results at Fannie
The good news is that residential defaults were lower for the fourth consecutive month at Fannie Mae. The bad news is that secondary purchases declined and commercial mortgage delinquency deteriorated.
Delinquency, Portfolio & Secondary Volume fall at Freddie
Home loan delinquency has declined four out of the last five months at Freddie Mac. Also lower were secondary marketing activity and the balance of its massive mortgage portfolio.
Commercial Servicing Portfolios Shrink
Four of the top-five servicers of commercial mortgages have seen their servicing portfolios retreat. The biggest servicer of loans secured by commercial real estate shows no signs of giving up its title.
The Conference Calendar
Issues being addressed at upcoming mortgage events include loan officer compensation, the future of mortgage servicing and selling loans to the Federal National Mortgage Association. The premier mortgage banking event of the year is just around the corner.
Buybacks Balloon at Big 4
Repurchase demands have recently ballooned at the four biggest banks, and Fitch Ratings is trying to determine whether the increase is only the result of higher defaults or if secondary investors are expanding their interpretation of which loans can be sent back for repurchase. In an extremely adverse scenario, the four biggest banks could face as much as $180 billion in mortgage repurchases. But repurchase risks aren't limited to the biggest lenders.
Industry, Gov Discuss Future of Fannie, Freddie
WASHINGTON -- Public and private officials met today in the nation's capitol to debate the future of Fannie Mae and Freddie Mac. The seizure of the two secondary lenders has so far cost the country nearly $150 billion. Political partisans as well as private-sector speakers promoted their positions on how to deal with the two government-controlled enterprises.
Summit Yields Varied Proposals
WASHINGTON -- Tuesday's mortgage summit yielded a number of ideas, including the elimination of the mortgage interest deduction and an automatic refinance of Fannie Mae and Freddie Mac loans. The Treasury secretary declared that Fannie and Freddie won't return to their former business models.
Former Fannie Executive Offers Insight
Fannie Mae's former chief credit officer says many problems at Washington, D.C.-based company and its government-controlled cousin Freddie Mac began in the late nineties.
|
|
|
