|
Fannie Performance Sinks
Monthly purchases sank, delinquency delved further into record territory and losses skyrocketed at the Federal National Mortgage Association.
January's new business acquisitions at Fannie Mae were $55.0 billion, according to an operational summary released today.
Volume tumbled from $71.9 billion in December to the lowest level since February 2009 but was well above $28.8 billion a year earlier.
read full story
Initiative Tackles Rising Repurchases
The Federal National Mortgage Association has undertaken a new initiative that it hopes will reduce repurchases by lenders. The initiative includes "substantially" rewritten quality-control policies.
HARP Extended
The government's refinance program has been extended. Nearly 200,000 loans have already been refinanced through the initiative.
Agency Issuance Weaker
A monthly increase in securitizations at Fannie Mae wasn't enough to overcome a decline at its two government-controlled cousins. All three issuers, however, were down from a year ago.
Freddie to Dump Interest Only Loans
Severely higher delinquency on interest-only mortgages has prompted Freddie Mac to eliminate such loans from its purchases.
15-Year Loans Far Outperform 30-Year at Freddie
New business activity slid and delinquency worsened at the Federal Home Loan Mortgage Corp. The secondary lender is seeing the biggest problems on mortgages originated in 2006 and 2007 -- with the level of late payments on those two vintages riding around twice as high as other vintages. But less than 2 percent of borrowers with 15-year loans -- regardless of vintage -- are delinquent.
Lower Losses at Freddie
While quarterly losses at the Federal Home Loan Mortgage Corp. remained in the billions of dollars, annual losses dropped by half.
Fannie Approves 4 New Mortgage Insurers
The Federal National Mortgage Association has approved four new mortgage insurance companies -- including one that emerged from the closing of another mortgage insurer.
Growing Firm Acquires $4 Billion in Agency Servicing
An Oklahoma-based lender that saw mortgage production more than double last year picked up the servicing on over $4 billion in agency mortgages. |
