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Volume 2014 - Number 8

February 28, 2014

GSEs Whittling Down Mortgage Portfolios, Get High Marks on Conservator Scorecard

Fannie Mae and Freddie Mac continued to sell off their holdings of non-agency commercial MBS as the preferred strategy for meeting their regulator's demand that the two government-sponsored enterprises accelerate the reduction in their retained mortgage portfolios. The two GSEs reduced their CMBS holdings by 51.4 percent over the course of 2013, according to an Inside MBS & ABS analysis of year-end financial statements. The Federal Housing Finance Agency ordered the two GSEs to sell at least 5 percent of their "less-liquid" mortgage assets, meaning whole loans and non-agency securities. CMBS are...[Includes one data chart]

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.



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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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