One question we occasionally hear is this one: If the GOP this fall gains control of the Senate can’t they just push through a GSE reform bill and hope to override a presidential veto, if there is one?
Fannie Mae and Freddie Mac issued $61.1 billion in single-family mortgage-backed securities during the month of August, a 5.5 percent increase from the previous month, according to a new Inside The GSEs analysis. However, MBS issuance through the first eight months of 2014 was down 56.7 percent from the same period a year ago Top-ranked Wells Fargo’s Fannie and Freddie securitization, at $8.2 billion, rose by 3.1 percent on a monthly basis but dropped 70.0 percent year-to-date.
Mortgage lenders securitized $90.95 billion of single-family MBS through the GSEs and Ginnie Mae during August – the biggest monthly volume since September 2013, according to IM&A.
There are signs of life in mortgage hiring, depending on the job description. Firms looking to increase staff levels include the lending arm of Bayview Asset Management, Citadel Loan Servicing and Carrington Mortgage Services.
“The CFPB’s plan will feature only one side of the story, and such one-sided accounts will not advance the CFPB’s mission of better informing and helping consumers,” said FSR chief Tim Pawlenty.
New production of agency single-family MBS increased by 6.6 percent from July to August as the midyear home-buying season continued to generate a healthy supply of new primary market originations, according to a new Inside MBS & ABS analysis. Mortgage lenders last month pushed a total of $90.95 billion of single-family MBS through the securitization programs of Fannie Mae, Freddie Mac and Ginnie Mae. It was the biggest monthly volume since September 2013, but August issuance was boosted by an unusually large volume of seasoned loans that also helped tilt the competitive landscape. Freddie saw...[Includes two data charts]
Commercial banks held $1.386 trillion of residential MBS at the end of June, marking their second consecutive quarterly gain in MBS investment, according to a new Inside MBS & ABS analysis. The 0.7 percent increase in bank MBS holdings was enough to offset a 3.5 percent drop in thrift investment in the sector. On a combined basis, banks and thrifts saw an 0.3 percent increase in residential MBS during the second quarter, though the industry remained 0.2 percent below the level set at the midway point in 2013. All of the increase came...[Includes two data charts]
Ever since the housing bust, mortgage bankers have coveted the Ginnie Mae “eagle,” which allows them to issue and service the agency’s MBS, but the pipeline of new applications is slowing. According to figures provided to Inside MBS & ABS, the agency had received 78 new applications through the end of July compared to 89 in fiscal 2013 and 99 the prior year. In an interview with this newsletter, Ginnie President Ted Tozer acknowledged the decline in applications, but didn’t seem all that concerned, adding: “I think we received a bunch recently.” In other words, applications could wind up...
Standard & Poor’s is evaluating comments on a proposal to incorporate new criteria for rating residential MBS backed by mortgage servicer-advance receivables. Issuance of servicer-advance MBS has been scarce in 2014 due to the heightened regulatory scrutiny on nonbank servicers and potential ratings volatility, leading to fewer purchases of mortgage servicing rights. So far, only one deal – a $400 million unrated servicer-advance securitization in early April – has been seen this year. But with additional clarity being provided in S&P’s proposed ratings criteria and the revised methodology getting finalized over the near term, “issuers may start feeling...
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