Browse articles from all of our Newsletters related to GSE Performance.
February 27, 2015 - Inside The GSEs
The 12 Federal Home Loan Banks saw modest gains in net interest income in 2014, but other factors led to declines in total income, according to preliminary data released by the Office of Finance. The FHLBanks earned a combined $2.246 billion in net income last year, down 11.0 percent from 2013. Their fourth-quarter income, $550 million, was down 12.3 percent from the previous quarter. Results varied significantly among the FHLBanks, however. Chicago was the most profitable, reporting $392 million in net income for the year, up 14.3 percent from 2013. New York had $315 million in net income in 2014, up 3.3 percent from the previous year. The two steepest declines were at Indianapolis and Dallas, both of which saw [with one exclusive chart] ...
February 27, 2015 - Inside The GSEs
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 arent 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 13, 2015 - Inside The GSEs
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 plaintiffs parent, Berkley Regional Insurance Co., and Berkley Insurance Co. against the Federal Housing Finance Agency
January 30, 2015 - Inside The GSEs
Fannie Mae and Freddie Mac have filed notice with the Securities and Exchange Commission warning that they might not be able to pay deferred compensation to executives if the GSEs fail to meet their 2015 conservatorship scorecard goals. Fannie, for instance, notes that the Federal Housing Finance Agency will have the primary role in determining whether the mortgage giant achieved its goals. None of the potentially affected executives are named in the separate SEC filings of the two. One former GSE regulator had this to say on the matter: The purpose of the conservatorship scorecard is to drive performance. They are tied directly to GSE executive compensation. According to the recently released 2015 scorecard, performance is based on a variety ...
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