Fannie Mae and Freddie Mac securitization volume reached its highest level in nearly four years during the first three months of 2013, according to a new Inside Mortgage Finance market analysis and lender ranking. Ongoing strength in refinance activity was the key. The two government-sponsored enterprises securitized a total of $296.4 billion of refinance loans during the first quarter, accounting for a hefty 83.3 percent of their total business. It was the biggest wave of refi loans to hit the GSE market since the second quarter of 2009, when a whopping $373.7 billion of refinances were securitized by Fannie and Freddie – before the Home Affordable Refinance Program reached its stride. While GSE refi business was...[Includes three data charts]
Fannie Mae ended 2012 with its single best quarterly and yearly profit in company history, prompting the government-sponsored enterprise to predict sustained profits “for the foreseeable future,” without taking into income any of the massive allowance it has built up related to deferred taxes. Fannie reported net income this week of $17.2 billion for 2012, compared to a net loss of $16.9 billion in 2011, with fourth quarter earnings of $7.6 billion. A year earlier, the GSE posted a $2.4 billion loss for the fourth quarter of 2011. “We had...
Home prices nationwide jumped in February by the largest margin in seven years, said CoreLogic while the SEC has decided to allow public companies to Twitter and Facebook.
Despite its efforts to enhance its hiring outreach to minority and women potential contractors and employees during 2012, the Federal Housing Finance Agency still faces challenges finding qualified and diverse candidates.
Profits on originations by independent mortgage banks and mortgage subsidiaries of chartered banks declined in the fourth quarter of 2012 compared with the previous quarter, according to the Mortgage Bankers Association.
The Conference of State Bank Supervisors is calling upon the Consumer Financial Protection Bureau to adopt a petition process to define “rural” counties as the bureau prepares to implement balloon “qualified mortgage” and escrow requirements for rural lenders.
Fannie Mae and Freddie Mac suffered lower losses on their nonprime mortgage holdings in 2012 compared with previous years as mortgage performance has stabilized and investor demand for vintage non-agency mortgage-backed securities has increased.
The Court of Appeals of Ohio for the Eighth District apparently has put to an end to city government lawsuits forcing banks to pay for the high costs of foreclosures, including city costs to raze or board up abandoned houses and lost taxes due to property devaluation.
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