twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.


Fannie Earnings, Purchases Deteriorate

$54 billion January purchases

July 3, 2017

By Mortgage Daily staff



Fannie Mae saw its secondary purchases tumble last month and delinquency rise. While it reported a massive quarterly loss, its regulator was so pleased with the timeliness of its financial reporting that it has agreed to lift the company's portfolio caps.

New business acquisitions were $54.0 billion during January, falling from $73.4 billion the prior month, according to a monthly operations summary released today by the secondary lender. A year earlier, Fannie acquired $51.1 billion in loans.

The Washington, D.C.-based company said its book of business was $2.911 trillion on Jan. 31. The book of business consisted of an $0.721 trillion gross mortgage portfolio and $2.190 trillion in outstanding mortgage-backed securities.

Residential loan delinquency of at least 90 days, reported on a one-month lag, jumped to 0.98 percent from 0.90 percent the prior month. Delinquency has climbed each of the past seven months. Multifamily delinquency was unchanged at 0.08 percent.

Fannie said its effective duration gap was one month in January, down from two months in December.

The government sponsored housing enterprise also today reported a fourth quarter loss of $2.1 billion, worse than its $1.4 billion third quarter loss and a significant deterioration from a $4.1 billion profit a year earlier. Credit-expenses were $5.0 billion while the fair value losses on derivatives were $4.1 billion.

"We are working through the toughest housing and mortgage markets in a generation," said President and Chief Executive Officer Daniel H. Mudd in the report. "While we are pleased that demand for our mortgage guaranty businesses has surged as we respond to the market's urgent need for liquidity and stability, this positive trend has been far outweighed by the negative financial impacts of rising mortgage defaults, falling home prices, and extraordinary disruptions in the credit markets."

The filing of Fannie's financials marks the first time in years the company has reported the data on time. The company, along with cousin Freddie Mac, was praised by its regulator.

"These steps constitute an important milestone in remediation of their respective operational and control weaknesses that led to multi-year periods when neither company released timely, audited financial statements," James B. Lockhart, director of the Office of Federal Housing Enterprise Oversight, said in a statement today. "They are in a much better capital position to deal with today's difficult and volatile market conditions and their significant losses."

Lockhart went on to say that as a result of the progress Fannie and Freddie have made in their filings, the regulator will remove the portfolio growth caps for the two GSEs on March 1.

OFHEO is considering gradually reducing a requirement that the two companies maintain capital at least 30 percent higher than the statutory minimum.

But the National Association of Home Builders said the regulator needs to move more quickly.

"The capital penalty raises costs for the GSEs, and both Fannie Mae and Freddie Mac have taken several steps in recent weeks to raise lending fees, which result in higher costs for home buyers at a time when the housing market is struggling to stay afloat," NAHB said in an announcement today. "Now that Fannie and Freddie have their books in order and have addressed operational concerns, OFHEO should move immediately to rescind their 30 percent capital surcharge."


Fannie Mae profile

next story

back to current headlines



Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.



Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.


Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders