Fannie Volume Leaps
Monthly secondary purchases expanded by two-thirds at the Federal National Mortgage Association, while annual activity was up by nearly a third. But the news wasn't so good for delinquency.
In 2009, new business acquisitions were $823.6 billion, Fannie Mae reported in monthly operational data yesterday.
Activity climbed from $631.4 billion in 2008.
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Freddie Reports Growth
Monthly and annual secondary activity improved at Freddie Mac as its massive mortgage portfolio expanded. Still, delinquency continued to deteriorate -- reaching yet another record.
Secondary Marketing Transactions
Nearly $500 million in loans have recently been traded, while an $11 billion servicing portfolio is on the market. Two of the sellers were financial institutions based in Hawaii.
The Warehouse Line
Six mortgage banking firms recently negotiated warehouse lines-of-credit for $280 million. But the president of one of those firms warned that warehouse financing is still in short supply.
Agency Updates
Fannie Mae and Ginnie Mae recently announced updates to their secondary marketing policies.
Secondary, Servicing and Investor Lawsuits
The latest round of mortgage litigation deals with servicing issues, a big secondary marketing sale and disgruntled investors. A case tied to mortgage-backed securities is also on the docket, while an intellectual property rights case was settled.
New Warehouse, Correspondent Lender May Emerge
A company that is already a big traditional and reverse mortgage lender is exploring the launch of correspondent and warehouse lending businesses. The potential expansion follows similar moves by several players.
$200 Million Mortgage Portfolio For Sale
A nearly $200 million portfolio of residential and commercial mortgages mostly backed by Chicago properties is on the market.
FDIC Unloads $1 Billion in Loans
More than $1 billion in loans have been sold by the Federal Deposit Insurance Corporation. The loans were acquired from failed banks.
Deterioration Deepens at Fannie
Secondary activity sank to an 11-month low at the Federal National Mortgage Association, and residential delinquency continued its trek deeper into record territory. Multifamily delinquency, however, improved.
