SIFMA noted that in recent years both the FHFA and Congress have increased the GSEs’ guarantee fees in an effort to reduce their market share and make non-agency MBS issuance more competitive.
A diverse group of 31 lenders tracked by Inside Mortgage Trends reported a combined $4.13 billion in mortgage banking income during the second quarter, up 32.7 percent from the first three months of 2014.
Combined net income for the 12 Federal Home Loan Banks dropped 7.4 percent to $514 million in the second quarter of 2014, down from $555 million in the first quarter and a steeper 18.4 percent decrease compared to same period last year, according to the Federal Home Loan Bank Office of Finance. The decrease resulted primarily from a decline in non-interest income and increases in non-interest expense, partially offset by increases in net interest income, according to the Office of Finance.
Fannie Mae and Freddie Mac issued $57.9 billion in single-family mortgage-backed securities during the month of July, a 12 percent increase from June, continuing an off-and-on monthly rebound that started in April, according to a new Inside The GSEs analysis.However, MBS issuance through the first seven months of 2014 was down 59.0 percent from the same period a year ago Top-ranked Wells Fargo’s Fannie and Freddie securitization, at $7.91 billion, rose by 8.5 percent on a monthly basis but dropped 71.6 percent year-to-date.
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