GSE Repurchase Activity

Has the barrage of buyback demands caused you to lose sight of your total vulnerability?

Lenders repurchased $10.8 billion in loans sold to Fannie Mae and Freddie Mac during 2012. They beat back $13.3 billion in demands during the year. But even with all these repurchases and withdrawals, the amount of pending or disputed demands increased, to $20.1 billion as of December 31.

But, for many lenders, the big picture gets lost amid the flood of daily requests from Fannie and Freddie. They have no clear picture of their total exposure, how well they’ve done fighting back, or how their repurchase record compares to others in the industry.

GSE Repurchase Activity: Full Year 2012 provides information on all buyback motion in the first six months of 2012. For each lender—including your own company—this data report breaks down by origination year

  • All repurchases made during 2012,
  • All demands pending or in dispute as of December 31, and
  • All demands withdrawn during 2012.

    • And for each of the 1,395 lenders faced with more than $5,000 in repurchase activity in 2012, you’ll have at a quick glance the total picture: the volume of repurchases and withdrawn demands during the year as well as the volume of pending or disputed demands at year-end. For each lender, you’ll also know the breakdown for each category between demands from Fannie and those from Freddie.

    You’ll find the lenders ranked by volume—how high on the list are you—and also listed alphabetically. For greater ease of use in your analysis and research, the report is also available in Excel™ format.

    Use the data in GSE Repurchase Activity: Full Year 2012 to benchmark your repurchase exposure and mitigation rate. See how the demands against your business in this time period compare to other lenders who have sold loans to Fannie and Freddie. Find out how they’ve fared in turning back the demand and whether your record is above or below par.

    With GSE Repurchase Activity: Full Year 2012, you’ll know:

    • Branch Banking & Trust, ranked at number 20 for volume of repurchases in the period, bought back $117.76 million in loans, with most of those repurchased from Freddie. The repurchases were spread somewhat evenly across vintages, although more came from 2008 ($31.64M) and 2011-12 ($24.10M) than from other years.
    • At year-end, USAA had $13.76 million in repurchase demands pending or in dispute. More than half were for loans made in 2007.
    • Quicken Loans won withdrawal of $14.94 million in demands during the period, split almost evenly between demands by Fannie and those by Freddie.
    • Countrywide was involved in the most repurchase activity during the year, earning its number 1 ranking with $11.11 billion in repurchases, withdrawals and pending or disputed demands. Most of it was in the pending/disputed category. Number 11 First Horizon/First Tennessee was part of $534.55 million in demands, of which the lion’s share was resolved either by repurchase ($219.71M) or withdrawal ($204.58M). And number 1000, First-Citizens Bank & Trust Company, made the list with $233,000 in demands, all repurchased from Fannie.

    Choose the purchase option that best suits your needs:

    1. Subscribe to GSE Repurchase Activity—Receive semiannualupdates in Excel™ format. With this option, you’ll know the current status for all lenders and you’ll be able to track past experience and trends with the full flexibility to sort and view the data in the way best suited to your research...$2,392 per year
    2. Purchase current-period GSE Repurchase Activity in Excel™ format—Delivered in spreadsheet format, you’ll have unlimited flexibility to sort and view the repurchase, pending and withdrawal information from the most recent half-year period….$1,732
    3. Purchase current-period GSE Repurchase Activity in print—Presented in volume and alphabetic order, this 149-page report lists all of the lenders impacted in the most recent half-year period….$732


    For repurchase activity before Jan. 1, 2012, see Analyzing GSE Mortgage Buyback Demands, which covers repurchase activity for 2009-2011.

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Poll

What should be done to “reform” Fannie Mae’s and Freddie Mac’s position in the mortgage market?

Wind the two GSEs down as quickly as possible while setting up some new government guarantee program for conservatively underwritten conventional mortgages.

25%

Let the two GSEs continue to funnel money to the Treasury while developing a plan to take them out of conservatorship as private companies.

52%

Do nothing since the housing market is too dependent on the two GSEs and Congress is unlikely to agree on a major change in the status quo anytime soon.

23%
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