Fannie Mae, Freddie Mac and Ginnie Mae saw much lower business volume in both purchase-money mortgages and refinance loans during the first quarter of 2014, according to a new Inside Mortgage Finance analysis and ranking. The agencies securitized a total of $95.9 billion of purchase mortgages during the first three months of the year, down 28.8 percent from the previous quarter. That was a steeper decline than in refinance volume, which slid 24.7 percent from the fourth quarter of 2013. Compared to a year ago, the purchase market continued...[Includes three data charts]
The Dodd-Frank Act prompted major changes for mortgage joint ventures, with some firms striking out on their own and others sticking with the smaller market.
The surge in recent years of Federal Home Loan Bank advances by big banks presents safety and soundness risks, according to the Federal Housing Finance Agency's Office of Inspector General.