GSE Repurchase Activity: Cumulative to Second Quarter 2016

Since 2009, Fannie Mae and Freddie Mac have secured $77.1 billion in repurchases on loans sold into their mortgage-backed securities. A not insignificant amount, $63.5 billion, was withdrawn or otherwise kicked to the curb in the same period.

Nearly 4,200 sellers and originators were party to the government-sponsored enterprises’ demands and 3,300-plus companies—from Countrywide ($9.4 billion) to BancBoston Mortage Corp. ($100,000)—made repurchases.

While most of the buybacks have been for loans securitized before 2009, recent vintages have not been immune, with repurchases hitting $1.3 billion for 2011 securities and a tad higher for those from 2013. As a result, newer sellers have paid out for newer vintages, such as loanDepot.com, which has paid $20.2 million, all for loans securitized in 2012 or more recently. Meanwhile, legacy sellers whose post-crisis vintages led to large amounts of buybacks have little or no paid demands for recently securitized loans. For example, North Middlesex Savings Bank, which ranks 77th largely due to demands based on 2008 securities, has not made a payout for any loans securitized in the past four years.

For most sellers, the picture brightens when it comes to withdrawn demands, which in most cases outstrip those that end in payment.

In a comprehensive data report, GSE Repurchase Activity: Cumulative to Second Quarter 2016, Inside Mortgage Finance looks at the GSE buyback record lender by lender and year by year. In this report, you’ll find details on every lender who has faced a buyback demand from either Fannie or Freddie since 2009. You’ll know how much they paid, and how much of it relates to each vintage of MBS. And you’ll know how much they got Fannie and Freddie to back down on.

The report includes both ranked and alphabetical lists for:

  • Repurchases from the GSEs. In addition to total repurchases, each seller’s detail includes breakouts by MBS issuance year from 2006 to 2015 plus a breakout for pre-2006 issuances.

  • Withdrawn and Rejected Demands. For each seller, volume of withdrawn demands is juxtaposed with paid demands in total, for issuances before 2009, for issuances 2009 to 2012 and 2013 to 2016, and by GSE.

  • Pending and Disputed Demands as of June 30, 2016. Seller-by-seller accounting of open demands, specifying how much is disputed versus pending as well as how much is open at each GSE. For comparison purposes, volumes open at the ends of the last four quarters are also provided.

No other resource lays out the agency buyback story so comprehensively and in such detail.

Order today for a complete seller-by-seller picture of buyback history and exposure.

 

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