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KBW Issues Caution on New Freddie MI Pilot; Looks Like USMI Implored FHFA to Kill the Product?

March 12, 2018
Paul Muolo
The USMI fears the pilot “marks an unprecedented encroachment of Freddie Mac’s footprint into primary mortgage markets…”
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Short Takes: Amazon Wants to Enter the Mortgage Industry (Good Luck with That) / Who is Nick Clemente? / Risk and the GSEs / Essent’s Risk-Sharing Deal / A New Hire for Recovco

March 12, 2018
Brandon Ivey and Paul Muolo
From what we understand, the Amazon executive spearheading the effort is Nick Clemente...
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New York Fed Report Touts Benefits of Fannie And Freddie Credit-Risk Transfer Programs

March 9, 2018
A new report from the Federal Reserve Bank of New York says the credit-risk transfer programs launched by Fannie Mae and Freddie Mac a few years ago have helped stabilize the mortgage securities market.
Read More

Agency MBS Production Slumped in February

March 9, 2018
John Bancroft
Higher mortgage interest rates are squashing the refinance sector…
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What We’re Hearing: The Federal Reserve Worries (Big Time) About Nonbank Mortgage Firms / Junk Status / The DeMarco-Bright Plan Critiqued / Finally, a Sensible and Fair Proposal on GSE Reform / Layoffs at Guaranteed Rate

March 9, 2018
Paul Muolo
The Federal Reserve has a name for the credit quality of nonbanks: junk.
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‘Big Ticket’ Mortgage Lending Lost Market Share in 2017

March 8, 2018
John Bancroft
An estimated $437.84 billion of home loans greater than the $424,100 benchmark agency limit were originated in 2017…
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GSE Investors Twisting in the Wind

March 7, 2018
Paul Muolo
The way things stand today, the only GSE class of stock worth anything is the senior preferred held by Treasury.
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Fannie Mae Keeping Tabs on the CFPB’s Ability-to-Pay Rule

March 7, 2018
Paul Muolo
Fannie Mae warns that changes could have a material effect on the “quality and quantity of loans available for sale to us.”
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Short Takes: Gary Cohn’s Resignation and the GSEs / Don’t Assume Anything / Fannie Mae’s ‘10 Percent Moment’ / Okay, Now’s the Time / SolomonEdwards Names Ranieri to its Board

March 7, 2018
Paul Muolo
GSE shareholder rights group Investor Unite was quick to pounce on the Pollock blog...
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New York Fed Suggests a Few Improvements to the GSE CRT Programs

March 6, 2018
Carisa Chappell
The New York Fed argues that CRTs have reduced the GSEs’ exposure to mortgage credit risk without disrupting the stability of the secondary mortgage market…
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