Fannie Mae

Browse articles from all of our Newsletters related to Fannie Mae.

February 27, 2015 - Inside Mortgage Trends

AEI Finds Risk Rising on Purchase Mortgages

The default risk index for securitized agency purchase mortgages rose to a new high in January, the fifth straight month of a steady increase in the composite National Mortgage Risk Index, according to the American Enterprise Institute. The NMRI increased to 11.97 percent, a 0.4 percentage point increase from the average default risk in fourth quarter last year and 0.8 percentage points up year over year. Data also indicated...

February 27, 2015 - Inside Mortgage Trends

Improvements Seen in Processing of Short Sales

Servicers are benefitting from quicker transaction times on short sales, according to Fannie Mae. The government-sponsored enterprise said transaction time has been cut in half for short sales compared with the end of 2012, though the number of these transactions has also declined significantly. Short-sale transaction timelines currently average 45 days to 60 days, down from an average of 120 days in late 2012, according to a post on Fannie’s Housing Industry Forum website. The GSE said the HomePath short sale portal has helped reduce the time it takes to complete a short sale. The portal was released...

February 27, 2015 - Inside The GSEs

GSE Roundup

Bulletin 2015-2. Feb. 17. Freddie Mac announced updates to the following: Guide Forms 16SF, Annual Eligibility Certification Report, and 1107SF, Seller/Servicer Change Notification Form, to implement a new requirement that seller/servicers review the Federal Housing Finance Agency’s Suspended Counterparty program list; and Form 1035, Document Custodial Agreement: Single-Family Mortgages. On the servicing side, Freddie revised notification requirements for bankruptcy cramdowns, including Form 1155, Bankruptcy Cramdown Pre-Confirmation Proposal Settlement Terms. It updated reporting and remittance requirements for properties purchased by third parties at foreclosure sale, including new Form 1160, Third-Party Sale Transmittal Worksheet. Freddie also updated rollback reporting requirements and insurance loss settlement requirements, and made clarifications related to bankruptcy filings after a foreclosure sale...

February 27, 2015 - Inside The GSEs

HARP Volume Continued To Taper Off in 2014

The flow of refinance mortgages to Fannie Mae and Freddie Mac increased during the fourth quarter, but the two GSEs continued to see declining volume in the Home Affordable Refinance Program. According to figures from the Federal Housing Finance Agency, Fannie and Freddie securitized 432,376 refinance mortgages in the fourth quarter, up 11.1 percent from the previous period. Fannie had the bigger gain, 16.2 percent. But total HARP activity fell 15.3 percent from the third quarter, and for the year it was down 75.9 percent from 2013 levels. The biggest slowdown in HARP were mortgages with loan-to-value ratios exceeding 105 percent. Both GSEs are doing more non-HARP streamlined refi business than in the program set up in 2009 for underwater ... [with two exclusive charts] ...

February 27, 2015 - Inside The GSEs

Courts Affirm Government Supremacy over Shareholders

A series of court decisions have affirmed the supremacy of the executive branch of government in its regulation of Fannie Mae and Freddie Mac to the chagrin of private-equity investors seeking compensation in the wake of the financial crisis, according to a recent analysis by Kroll Bond Rating Agency. Those recent court decisions confirm the fact that the two GSEs are “instrumentalities of the federal government and not private corporations,” Kroll analysts said. “While this reality may bother some equity investors – and rightly so – this is good news for bond investors,” they noted. For equity investors, the court decisions underscore the fact that the GSEs are “creatures of Congress,” the analysts pointed out. In contrast, private corporations are governed by ...

February 27, 2015 - Inside The GSEs

More Non-Performing Loan Sales Ahead For Freddie and Fannie

Remarks from the leadership of the GSEs and earnings-related disclosures suggest more sales of non-performing loans are in the cards this year. Freddie Mac is putting together its first NPL auction of 2015, CEO Don Layton said in a recent interview with IMFnews, an affiliated daily news service. Layton declined to provide any details, noting that the GSE has yet to make an official announcement on the coming sale. This past summer, Freddie sold $659 million of “deeply” delinquent loans from its investment portfolio. At the time, it marked a first for a GSE. Isaac Boltansky, an analyst at Compass Point Research & Trading, said, “GSE management’s commentary reinforces our view that the GSEs are moving slowly but surely towards ...

February 27, 2015 - Inside The GSEs

Regulatory Changes Suggested To Keep Fannie and Freddie Intact

With it looking more likely that the GSEs could survive in some form, a critic of Fannie Mae and Freddie Mac has proposed changes he suggests would address most of the flaws he sees in the companies. Mark Calabria, director of financial regulation studies at the Cato Institute, a libertarian think tank, said he offered the suggestions “in the spirit of lively debate.” He suggested that the federal government should open GSE charters to competition, allowing any firm that can meet the requirements to receive a GSE charter. Calabria said GSEs should have a capital requirement of at least 8.0 percent. Capital of 4.0 percent to 5.0 percent would have covered the losses Fannie and Freddie experienced in 2007, according ...

February 27, 2015 - Inside The GSEs

GSEs’ Staffing Levels Steady, Expenses Increasing

Fannie Mae and Freddie Mac employment numbers were relatively steady in the past year while expenses increased, according to a new analysis by Inside The GSEs. While staffing at Freddie has remained relatively level since the end of 2008, Fannie Mae has significantly boosted its employee count. As of the end of January, Fannie had approximately 7,600 personnel, including full-time and part-time employees, term employees and employees on leave, according to the latest annual report from the GSE. The employee count increased by 2.7 percent compared with January 2014. Fannie spent $1.32 billion on salaries and employee benefits in 2014, up 8.5 percent compared with 2013. Freddie had 4,957 full-time employees and 50 part-time employees as of Feb. 5, down ...

February 27, 2015 - Inside The GSEs

New GSE Earnings Raise the Specter of a Possible Loss

Fannie Mae and Freddie Mac reported somewhat underwhelming results for the fourth quarter, thanks to huge hits they took from hedging losses tied to their holdings of derivatives. The reduced earnings highlighted the fact that although the two have been cash cows for the U.S. Treasury over the past two years, they aren’t bullet proof. During separate press briefings with the media, the CEOs of both firms spent a bit of time going over the hits they took on their derivatives, stressing that the interest rate swaps they use to hedge rate swings are essential and cut both ways. The message was clear: if mortgage rates had not fallen dramatically in December, their earnings would have been ... [with one exclusive chart] ...

February 27, 2015 - IMFnews

What We’re Hearing: The Return of the Megabanks (in Mortgages)? / Nationstar Smelling Like a Rose (In Comparison)? / Why Quicken and Freedom May Never Go Public / CMG Mortgage Expects Strong Production Growth

After seeing what’s transpired at Nationstar, Owen and Walter the pass year, would Dan Gilbert (who owns Quicken Loans) and Stan Middleman (Freedom’s owner) ever ponder going public?...

February 27, 2015 - IMFnews

Mortgage Bankers Counting on Slightly Lower Fannie/Freddie G-Fees

Fannie Mae and Freddie Mac themselves are playing a key role in the decision-making process on guaranty fees...

February 27, 2015 - IMFnews

Yes, Wells Fargo Has Lost Market Share, but It’s Still the ‘Big Kahuna’ of Mortgages

Nonbanks have become more competitive the past few years, but if you think that Wells Fargo doesn’t like mortgages, think again.

February 27, 2015 - Inside MBS & ABS

Euro Regulators Work on Framework for ‘High-Quality’ Securitization, U.S. Issuers Concerned About Consistency

The European Commission last week requested comments on a framework for simple, transparent and standardized securitization that would apply to issuance in the European Union. A number of other non-U.S. regulators are considering similar proposals, prompting MBS and ABS participants in the U.S. to call for coordination among international regulators. The EC said its priority is to create a sustainable market for high-quality securitization without repeating the mistakes made before the financial crisis. “A high-quality EU securitization framework will promote further integration of EU financial markets, help diversify funding sources and unlock capital, making it easier for banks to lend to households and businesses,” the EC said. The European regulator stressed...

February 27, 2015 - Inside MBS & ABS

GSEs Focus on ‘Less Liquid’ Assets in Paring Retained Mortgage Portfolios

Fannie Mae and Freddie Mac reduced their combined mortgage investment portfolio by 13.7 percent last year by focusing on less-liquid assets. The two government-sponsored enterprises still had $821.7 billion of mortgages and MBS on their books at the end of the year. Freddie reported that it sold $16.5 billion of less-liquid assets such as unsecuritized mortgages, multifamily assets and non-agency MBS. At the end of the year, some 59 percent of its portfolio was designated as less liquid, down from 62 percent at the end of 2013. The Federal Housing Finance Agency in 2013 directed...[Includes one data chart]

February 27, 2015 - Inside MBS & ABS

Mortgage Industry Counting on Slightly Lower Guaranty Fees for Fannie and Freddie MBS

Although the Federal Housing Finance Agency has yet to tip its hand on where it might be headed regarding guaranty fees, most of the industry is betting on no change at all – or possibly a slight reduction, according to interviews conducted by Inside MBS & ABS over the past two weeks. Moreover, Fannie Mae and Freddie Mac themselves are playing a key role in the decision-making process, at least that’s what Freddie CEO Donald Layton said recently. “Guaranty fees are...

February 27, 2015 - Inside MBS & ABS

Banks Add to MBS Portfolios in Late 2014; Biggest Gain Was in Fannie/Freddie MBS

Commercial banks and thrifts added $12.2 billion of agency single-family MBS to their investment portfolios during the fourth quarter of 2014, according to a new Inside MBS & ABS ranking and analysis of call-report data. Banks and thrifts held $1.539 trillion of MBS on their books at the end of last year, a slight 0.3 percent increase from the third quarter. Bank/thrift holdings were up 2.2 percent from the end of 2013. Growth in agency mortgage securities was...[Includes two data charts]

February 27, 2015 - IMFnews

Commercial Banks, Thrifts Add to MBS Portfolios in Late 2014

At Dec. 31, depositories held $964.2 billion of pass-through securities issued by Fannie Mae, Freddie Mac and Ginnie Mae, a gain of 1.3 percent from the third quarter.

February 26, 2015 - Inside Mortgage Finance

Even After Taking Its Foot Off the Gas, Wells Remains Dominant in Market Share, Sees Room for Growth

Only one lender accounted for more than 10 percent of the single-family mortgage volume completed by Fannie Mae and Freddie Mac in 2014: Wells Fargo. The bank also dominates deliveries to Ginnie Mae and originations of jumbo mortgages. Wells had $180.89 billion in mortgage originations in 2014, accounting for 14.6 percent of total mortgage originations, according to Inside Mortgage Finance. The bank’s share of mortgage originations declined from 18.9 percent in 2013 as refinance activity slowed and nonbanks made efforts to compete for production and servicing. Officials at Wells said...

February 26, 2015 - Inside Mortgage Finance

Appraisals and Property Issues Accounting For Larger Share of Mortgage-Closing Delays

Property characteristics and appraisals have accounted for an increasing share of the issues that delay closing of purchase mortgages, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Real estate agents participating in the survey cited property issues as causing 22.5 percent of closing delays in January, based on a three-month moving average. That’s up from a 16.5 percent share as recently as October. The increase appears...

February 26, 2015 - Inside Mortgage Finance

Guaranty Fee Income Keeps Growing at Fannie And Freddie, Buyback Volume Eased in 4Q14

Falling interest rates tripped up Fannie Mae and Freddie Mac during the fourth quarter, indirectly leading to sharp declines in profitability despite continuing gains in their key mortgage-backed securities guaranty fee operations. Together, the two government-sponsored enterprises earned $1.54 billion in net income during the fourth quarter of 2014, down 74.3 percent from the previous quarter. With their retained portfolios in shrinkage mode, net interest income was down 11.9 percent from 2013. The big factor was...

February 26, 2015 - Inside Mortgage Finance

Suddenly, Ocwen is Popular Among Investment Bankers That Want to Help With Its ‘Managed’ Liquidation

Ocwen Financial – once deemed the fastest-growing residential servicer in the nation – is now facing huge shrinkage and is undergoing what some analysts and investment bankers are now calling a managed or “controlled” liquidation. The questions facing investors and business partners of the company is how fast can Ocwen shrink and what will be left for shareholders other than a pile of cash. “This could be...

February 24, 2015 - IMFnews

Yellen Committed to Letting MBS Run Off the Fed’s Balance Sheet

Fed chief Janet Yellen also signaled a continuation of the status quo for interest rates...

February 23, 2015 - IMFnews

Short Takes: A Nice Bump for Ocwen’s Share Price / Will Ocwen Unload Non-Agency MSRs Too? / CashCall’s Non-QM Loan / Fidelity Grows Revenues 21 Percent

In case you’re wondering, Ocwen services roughly $208 billion of non-agency product.

February 23, 2015 - IMFnews

Nationstar Agrees to Buy Almost $10B of MSRs From Ocwen; More Deals Ahead?

The sale and transfer must first be approved by Freddie and its regulator, the Federal Housing Finance Agency.

February 20, 2015 - Inside FHA Lending

Lenders Urged to Study Changes in New Handbook

FHA lenders should spend the next couple of months familiarizing their staff with the requirements in the FHA’s new Single Family Housing Policy Handbook to ensure proper implementation of the changes on June 15, 2015, according to compliance experts. The impending changes in the Single Family Handbook are complex and significant. Lenders will need proper legal guidance to navigate and understand hundreds of pages of consolidated housing policies and guidance, as well as substantive changes to FHA requirements, said K&L Gates experts in a recent analysis. The handbook is a consolidated, authoritative source of single-family housing policy and is meant as a one-stop resource for FHA lenders. It gathers and streamlines all FHA requirements, which are currently spread throughout various handbooks, mortgagee letters and other documents, making it easier for lenders to ...

February 20, 2015 - IMFnews

What We’re Hearing: A GSE ‘Flying Naked’? / When Hedging Losses Turn Into Gains / 2018 is Year Zero / The C&I Conundrum / IBM’s Seterus Up to Something? / Former First Mariner Mortgage Chief Wins ‘Non-Compete’ Case

In 2018, the GSE capital buffer falls to zero dollars. Zilch. Nada. Hopefully by then, President Bush or President Clinton will have worked out a GSE reform deal with Congress…

February 20, 2015 - IMFnews

Fannie Posts Much Lower Earnings; CEO Says Lack of Capital Cushion Increases Likelihood of a Treasury Draw

When it comes to capital cushions, 2018 is "Year Zero" for Fannie Mae and Freddie Mac.

February 20, 2015 - Inside MBS & ABS

Is Now the Time to De-emphasize RMBS and Plow Into Servicing Rights? Cherry Hill Is…

Cherry Hill Mortgage Investment Corp., which has 76 percent of its assets invested in MBS, plans to whittle that down a bit and make a major push into mortgage servicing rights. The question is: will other real estate investment trusts follow suit? One REIT executive, who spoke under the condition his name not be used, said...

February 20, 2015 - Inside MBS & ABS

Market Participants Raise Some Issues, Questions About Proposed GSE Single Security With FHFA

Industry participants in the Treasury Market Practices Group raised questions about the tax consequences and other issues involved in the plan to develop a “single security” in a meeting with the Federal Housing Finance Agency last month. The recently released minutes of the meeting do not provide much detail. The FHFA representatives described in broad terms the project to create a fungible MBS that Fannie Mae and Freddie Mac would both issue in the to-be-announced market. In response, “Most TMPG members noted...

February 20, 2015 - Inside MBS & ABS

Mortgage Securitization Rate Hit Post-Crash Low in 2014 as MBS Fees Stay High and Portfolio Funding Remains Cheap

Securitization was still the dominant method to fund new home mortgage production in 2014, but Wall Street got a run for its money from portfolio lenders. A new Inside MBS & ABS analysis reveals that 70.5 percent of residential mortgages originated last year were funneled into mortgage securities. That was down from 78.5 percent in 2013 and represented the lowest mortgage securitization rate since 2006. Delivering eligible loans into new Fannie Mae, Freddie Mac and Ginnie Mae securities is...[Includes one data chart]

February 20, 2015 - IMFnews

Securitization Rate Hits Post-Crash Low as Banks Continue to Covet Whole Loans

Almost 71 percent of residential loans originated last year were funneled into mortgage securities. In 2013 the securitization rate was 78.5 percent.

February 19, 2015 - IMFnews

Fannie Plagued by Derivative Accounting as Well, 4Q Income Drops 66 Percent Fannie Mae posted a net profit of $1.3 billion in the fourth quarter, a 66 percent decline sequentially, blaming the earnings downdraft on a reduction in the fair value of its derivatives. The GSE “derivative problem” also plagued the fourth quarter results of Freddie Mac, which reported a slim profit of $227 million after writing down its derivatives by $3.4 billion. …

February 19, 2015 - IMFnews

Freddie Mac Working on New Non-performing Loan Auction

Fannie Mae has explored NPL auctions, but has yet to pull the trigger.

February 19, 2015 - IMFnews

Freddie Posts Meager Earnings of Just $227 Million, but Says Not to Worry, It’s All About Derivative Accounting

After Freddie Mac makes its next dividend payment in March to the U.S. Treasury, the GSE will have returned $91.8 billion to the government versus financial assistance draws of $72.3 billion.

February 18, 2015 - IMFnews

Short Takes: Would You Buy Ocwen Now? / MIAC Offering MSRs / Sindeo Secures Investment / Fannie Rolling Out New Version of DU / Clayton Hires Former Subprime Executive

Ocwen’s massive servicing portfolio (roughly $377 billion in UPB) is worth more than the entire market capitalization rate of the company...

February 18, 2015 - IMFnews

Final GSE Multifamily Tally: $56.9 Billion

Over the past few years there has been some debate about the role Fannie and Freddie play in the multifamily sector with GSE critics pushing for the two to scale back their involvement.

February 18, 2015 - IMFnews

GSE MBS Issuance Down in January as Refis Sputtered

Freddie Mac actually increased its monthly volume by 7.3 percent from December levels, but Fannie Mae’s production fell 15.6 percent.

February 17, 2015 - IMFnews

Correspondent Share of Agency MBS Reached 35 Percent in 2014

Broker-originated purchase mortgages pushed the envelope a little further, with an average credit score of 719.1 and an average DTI of 37.7.

February 13, 2015 - Inside The GSEs

GSE Roundup

Bulletin 2015-1. Jan. 29. Freddie Mac announced its participation in an expanded Home Affordable Modification Program “Pay for Performance” incentive program. The program was developed in conjunction with Fannie Mae at the direction of the Federal Housing Finance Agency. The expanded program will include HAMP’s “Year Six Pay for Performance” incentive, which provides a $5,000 lump-sum payment to help eligible borrowers with first-lien Freddie Mac loans modified under HAMP reduce their principal balance. The HAMP incentive is effective April 1, 2015. Servicing Update. Feb. 9. Freddie introduced a bulk appeal template for late foreclosure sale reporting compensatory fees. Servicers can use this template to submit multiple compensatory fee appeals at a time through Freddie’s Default Fee Appeal System. The system ...

February 13, 2015 - Inside The GSEs

Fannie and Freddie Do $56.9B In Multifamily Business in 2014

Fannie Mae and Freddie Mac wrote a combined $56.9 billion of multifamily business in 2014, up 4.6 percent from the previous year. Fannie issued $11.4 billion in multifamily mortgage-backed securities in the fourth quarter of 2014, bringing the year’s total to $28.6 billion, mostly through its Delegated Underwriting and Servicing program. That represented a slight uptick from the previous year’s $28.5 billion. Fannie also re-securitized $2.5 billion of DUS MBS through its Guaranteed Multifamily Structures (GeMS) program in the fourth quarter. That brought total 2014 issuance in the program to $12.0 billion, making last year the biggest year for GeMS issuance since the program started. “2014 was a strong year for Fannie Mae multifamily activity on all fronts. The DUS ...

February 13, 2015 - Inside The GSEs

9th Circuit Court Upholds GSE Exemption from Local Taxes

The U.S. Court of Appeals for the Ninth Circuit recently affirmed that federal mortgage programs and their administrators, including Fannie Mae and Freddie Mac, are exempt statutorily exempt from state and local taxation of real property transfers. The panel – consisting of Circuit Court Judges Richard Paez, Jay Bybee and Consuelo Callahan – held that because Congress had power to regulate the secondary mortgage market, it was authorized under the “Necessary and Proper Clause” to create Fannie and Freddie and to ensure their preservation by exempting them from state and local taxes. Brought by the City of Spokane, WA, the lawsuit is part of a wave of similar filings throughout the country to challenge the GSE exemption from ...

February 13, 2015 - Inside The GSEs

Study: GSE Conservatorships Don’t Comply With HERA

The Federal Housing Finance Agency is not fulfilling its statutory responsibility to preserve Fannie Mae and Freddie Mac in conservatorship, according to a legal analysis by former government officials. The GSE conservatorships, particularly under the current arrangement that siphons off nearly all of their earnings, violates the terms of the Housing and Economic Recovery Act of 2008, said Michael Krimminger and Mark Calabria. Krimminger was formerly an expert on bank receiverships at the Federal Deposit Insurance Corp., and Calabria was a Republican staffer at the Senate Banking, Housing and Urban Affairs Committee when HERA was being drafted and enacted. Their paper argues that crippling Fannie and Freddie by preventing them from rebuilding capital is exactly the opposite of the way...

February 13, 2015 - Inside The GSEs

New Seller/Servicer Rules May Give an Edge to Large Nonbanks

Recently proposed new minimum financial eligibility requirements for Fannie Mae and Freddie Mac seller/servicers – including net worth, capital ratio and liquidity criteria – appear to be less restrictive than expected but may give an edge to large nonbanks over smaller players and new entrants, analysts say. Announced Jan. 30 by the Federal Housing Finance Agency, the eligibility requirements consist of three primary components. In terms of minimum net worth, the proposed requirement for all seller/servicers is a base of $2.5 million plus 25 basis points of unpaid principal balance for total loans serviced. As far as minimum capital ratio is concerned, the proposed requirement for all non-depository seller/servicers is to have tangible net worth/total assets greater than 6 percent. “Depository institutions ...

February 13, 2015 - Inside The GSEs

U.S. Judge Rebuffs Shareholder Attempt to Claim GSE Profits

A U.S. district court judge in Iowa recently dismissed a shareholder motion to vacate an amended agency agreement requiring Fannie Mae and Freddie Mac to pay nearly all their quarterly profits to the Treasury equal to their net worth. Filed by Continental Western Insurance Company, the lawsuit is similar to another case, Perry Capital, Inc. v. Lew, filed by the plaintiff’s parent, Berkley Regional Insurance Co., and Berkley Insurance Co. against the Federal Housing Finance Agency…

February 13, 2015 - Inside The GSEs

FHFA Actions Lay Foundation For Legislative GSE Reform

Federal Housing Finance Agency Director Mel Watt has repeatedly said that GSE reform should be left to Congress. However, industry analysts suggest that the FHFA’s actions under Watt are helping to build a foundation for legislation. Michael Stegman, counselor to the Treasury Department for housing finance policy, said the FHFA’s actions are helping to create bipartisan consensus for provisions to be included in GSE reform. He pointed to the common securitization platform, risk-sharing transactions and capital standards for private mortgage insurers. Stegman said the FHFA’s actions are just a starter, particularly because Watt’s actions could be reversed by the next director of the FHFA. The Treasury official was among the speakers who addressed the current state of the GSEs at ...

February 13, 2015 - Inside The GSEs

Watt Signals the End May Be Near on Principal Reductions

The Federal Housing Finance Agency continues to analyze the issue of principal reductions for Fannie Mae and Freddie Mac loans, but Director Mel Watt made it clear recently that unless it’s a “win-win” for both the borrower and the GSEs, the issue is a non-starter with him. Moreover, in a press briefing, he made it clear that at some point the FHFA may take the issue off the table entirely. “We’re doing a lot of work on this,” Watt said, suggesting that if a program ever sees the light of day, principal reductions would be done “in a responsible way.” The FHFA has come under political pressure from left-leaning members of the Democratic Party, including Sen. Elizabeth Warren of Massachusetts ...

February 13, 2015 - Inside The GSEs

GSE MBS Issuance Down in January as Refi Sputtered

Fannie Mae and Freddie Mac issued $57.72 billion of single-family mortgage-backed securities in January, a 7.8 percent decline from the previous month, according to a new Inside The GSEs ranking and analysis. Freddie actually increased its monthly volume by 7.3 percent from December levels, but Fannie production fell 15.6 percent. It’s not unusual for GSE monthly trends to fluctuate; Fannie’s MBS issuance was up sharply in December. Freddie’s production was buoyed slightly by some $199.3 million of modified mortgages that were securitized last month. And it’s not surprising that the flow of purchase mortgages into GSE securities fell 14.4 percent in January, as the housing market hit a seasonal cooling. However, refinance activity was also [includes exclusive charts] ...

February 13, 2015 - Inside MBS & ABS

San Francisco Controller Likely Puts Kibosh on Use of Eminent Domain in City for Time Being

A push to seize a few thousand underwater mortgages in the San Francisco area by eminent domain has likely run into a dead end for now, after a report from the City and County of San Francisco Controller’s Office discouraged local officials from pursuing the idea any further. “Precluding any participation from Fannie Mae or Freddie Mac, the use of eminent domain would seem to be an inviable option,” the document concluded. On Oct. 28, 2014, the Board of Supervisors issued...

February 13, 2015 - IMFnews

FHFA’s Watt: I’m Not Presuming ‘Abuse’ By Captives That Want to be FHLB Members

Roughly 18 current members of the FHLBanks are affected by the proposed ban, seven of which are mortgage real estate investment trusts.

February 12, 2015 - IMFnews

Short Takes: Mangrove to Reveal HLSS Director Nominees / MountainView Selling MSRs / SLS in MSR Deal with JPM / Please Don’t Come to Chicago / First Alliance Hires Former Nationstar Official

A 50-year tradition is now kaput: The Federal Reserve Bank of Chicago has cancelled its annual bank structure conference...


With the recent dip in interest rates, how do you feel about loan volumes this year?

We see loan production ending 2015 flat compared to 2014.
We’re optimistic that our originations will rise by 10 to 20 percent year over year.
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