Ginnie Mae Issuance
Browse articles from all of our Newsletters related to Ginnie Mae Issuance.
December 6, 2013 - Inside MBS & ABS
Fannie Mae, Freddie Mac and Ginnie Mae issued a combined $82.33 billion in new single-family MBS during November, according to a new Inside MBS & ABS ranking and analysis. New MBS issuance by the three agencies was off 12.0 percent from October, continuing a steady downturn thats been under way since April 2013. Production last month was off a whopping 58.7 percent from November 2012, when Fannie and Freddie volume spurted higher as issuers maneuvered to avoid a pending increase in MBS guaranty fees charged by the two government-sponsored enterprises. Tumbling refinance activity was...[Includes two data charts]
November 27, 2013 - Inside FHA Lending
Ginnie Mae home mortgage debt outstanding fell by a whisper in the third quarter of 2013 while FHA servicers reported a slight drop in overall delinquencies and an uptick in the foreclosure rate, according to Inside FHA Lendings analysis of government-backed servicing data. As of Sept. 30, Ginnie Maes single-family servicing was down 0.2 percent from the previous quarter but was up 4.1 percent from the same period last year. Ginnie servicers ended the third quarter with $1.35 trillion in servicing outstanding. Although banks continued to dominate Ginnie servicing, the agency has been concerned with the ... [2 charts]
November 27, 2013 - Inside MBS & ABS
Ginnie Mae is taking a go slow approach to merging its Ginnie I and Ginnie II MBS programs, noting in a new stakeholder letter that players in the market have voiced concerns about the logistics of how we get there, and in particular, what will become of the legacy Ginnie Mae I security. Ginnie officials declined to provide an update on the process this week. A spokeswoman issued a statement saying the agency is still studying the issue, adding that, We are currently evaluating what market participants want. Since 2010, Ginnie Mae II issuance has been increasingly outpacing...
November 27, 2013 - Inside Mortgage Finance
After a few weeks of drought in the servicing auction market, a handful of new portfolios are hitting the circuit as sellers try to bolster earnings before year-end. Buyers havent had much new to look at lately, but thats changing, said Tom Piercy, managing member of Interactive Mortgage Advisors, Denver. I think sellers are a little concerned about the new origination forecast for next year from the [Mortgage Bankers Association] and they are thinking they should convert some of their assets to cash. The MBA last month projected...
November 22, 2013 - Inside MBS & ABS
Nancy Handal, managing director of insurance conglomerate MetLife, oversees a $70 billion fixed-income portfolio and a $6 billion high-yield residential MBS opportunity fund but has bought into just one jumbo MBS deal over the past few years. And shes not shy about the reasons why: its all about disclosures. Handal is not happy about what non-agency issuers disclose and in particular shes dismayed that MBS investors are essentially frozen out of the due-diligence process. Speaking at a housing forum sponsored by the Urban Institute and CoreLogic this week, the MetLife executive expressed...
November 21, 2013 - Inside Mortgage Finance
With refinance volume falling and minimum net-worth requirements heading north, advisors in the mergers-and-acquisitions market say undercapitalized firms should sell now, while they still can. Larry Charbonneau, a principal of Charbonneau & Associates of Texas, said he is currently working on four deals but noted that, There a lot of shops out there with less than $5 million in capital that need to do something but havent realized it yet. Although Fannie Mae and Freddie Mac have net-worth minimums in the $3 million range, there is...
November 15, 2013 - Inside FHA Lending
Ginnie Mae issuers reported a 14.0 percent drop in mortgage-backed securities issuances in the third quarter from the previous quarter as refinance activity declined further and home-purchase lending slowed during the period, according to an Inside FHA Lending analysis of Ginnie Mae data. Despite the quarter-over-quarter drop, Ginnie production rose 11.2 percent in the first nine months of 2013. Volume over this period totaled $313.8 million, of which 60.3 percent were FHA loans, 33.9 percent were VA, and 5.2 percent were rural housing loans. Ginnie MBS issuance dropped gradually ... [2 charts]
November 15, 2013 - Inside FHA Lending
Ginnie Mae is deploying four new applications as part of the agencys effort to modernize its securitization platform. Current paper-based processes are being converted to electronic submissions and the new applications will be deployed during the fourth quarter of 2013. Issuers and document custodians will be able to use the new applications via the Ginnie Mae Enterprise Portal when they become available. These business applications include requests for pool numbers, request for commitment authority, submission of master agreements; and requests for transfer of issuer responsibility (pool transfer). Users will need an ...
November 15, 2013 - Inside MBS & ABS
Although non-agency MBS issuance has been a dicey proposition since rates spiked in late spring, residential lenders continue to eye the sector, liking the long-term outlook for jumbo securities. Two nonbanks taking a close look at the jumbo MBS market include Freedom Mortgage and W.J. Bradley Mortgage Capital, both established names in the agency MBS arena. In an interview with Inside MBS & ABS, Freedom Mortgage CEO and founder Stanley Middleman said...
November 15, 2013 - Inside MBS & ABS
A Miami-based investment management firm, one of the largest junior preferred shareholders of Fannie Mae and Freddie Mac, this week offered to buy and operate the MBS guaranty businesses of the two government-sponsored enterprises with $52 billion of private capital and a business plan that is sustainable with or without a federal reinsurance plan. In a four-page letter to Federal Housing Finance Agency Acting Director Edward DeMarco, Bruce Berkowitz, chief investment officer of Fairholme Capital Management, proposed to form two new state-regulated insurance companies to own and operate the assets of Fannie and Freddie that are relevant to the continuing insurance business. Under the Fairholme plan, the new MBS guarantors would be capitalized...
November 8, 2013 - Inside MBS & ABS
Further declines in refinance activity and some softening in home-purchase lending pushed agency single-family MBS production down to just $93.57 billion in October, according to a new ranking and analysis by Inside MBS & ABS. October was the first month since September 2011 that agency MBS issuance fell below the $100 billion mark. Production last month was down 12.3 percent from September, and it represented the sixth consecutive monthly decline. There was...[Includes two data charts]
November 7, 2013 - Inside Mortgage Finance
A few weeks back, many servicing brokers were predicting a land rush to close deals by year-end, but theres a new school of thought that predicts sellers might wait until early 2014 to unload some of their deals. While we dont expect the [mortgage servicing rights] deal flow to turn off completely for 2013 just yet, we have noticed quite a slowdown in the marketplace as compared to the summer and early fall, said George Christo, executive vice president of The Prestwick Group. Many of our conversations with buyers and sellers have pivoted to setting the table for the first quarter of 2014 settlements. Moreover, the frothy prices being offered for MSRs are...
November 1, 2013 - Inside FHA Lending
FY 2013 Actuarial Report to Congress on the State of the MMIF Delayed. Release of the FY 2013 actuarial audit of the FHA Mutual Mortgage Insurance Fund will be delayed because of the recent government shutdown, according to a government source. No other details were provided. The FHA recently notified Congress that it would seek a mandatory appropriation of approximately $1.7 billion to bolster its capital reserves for expected future losses. FHA officials said the draw does not suggest anything dire but is simply a matter of ...
November 1, 2013 - Inside MBS & ABS
Ginnie Mae remains a very good profit center for MBS issuers and investors, making government-backed lending appealing and beneficial to consumers, according to securitization experts. Government loans offer great value to lenders because they cover broader borrower eligibility than conventional loan products and lenders can execute more efficiently, said panelists at the Mortgage Bankers Associations annual conference this week. The discussion focused on government loan programs FHA, VA and Rural Housing Service and on execution options for the loans and their mortgage servicing rights (MSRs). CMG Financial has found...
- GSE Seller Profile: 3Q13
- GSE Repurchase Activity First Half 2013
- Top Mortgage Players: 2Q13
- Mortgage Profitability Report: 2Q13
- GSE Market Profile: FY12
- GSE Private Mortgage Insurance Profile
With loan volumes falling, particularly refinancings, where do you see originations coming in at in 2014?
- $1.4 trillion to $1.6 trillion
- $1.2 trillion to $1.39 trillion
- $1 trillion to $1.19 trillion
- Beam me up, Scotty
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