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


Fannie Follows Freddie's Lead on Repurchases

Purchase to start in March

Feb. 10, 2010

By MortgageDaily.com staff


Not long after government-controlled rival Freddie Mac announced plans to increase its repurchases, Fannie Mae made a similar announcement.

The Washington, D.C.-based company issued a statement indicating that it intends to significantly increase its purchases of delinquent loans from single-family, mortgage-backed securities trusts.

McLean, Va.-based Freddie announced its own new repurchase strategy just hours before.

Fannie said it would begin purchasing delinquent loans in March. A significant share of currently delinquent loans are expected to be purchased within just a few months. The plans, however, are subject to the market, servicer capacity and other constraints.

"On Jan. 1, 2010, Fannie Mae adopted new accounting standards for transfers of financial assets and the consolidation of variable interest entities -- SFAS 166 and SFAS 167," the statement said. "As a result, the cost of purchasing most delinquent loans from MBS and holding them in portfolio will be less than the cost of advancing delinquent payments to security holders."

Fannie reported $127 billion in RMBS trust loans delinquent at least 120 days as of Dec. 31, 2009.

Fannie Mae profile

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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.




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