With new Fannie Mae and Freddie Mac draws on the Treasury’s line of credit now imminent because of tax cut legislation, one GSE shareholder says the payments should be accounted for as paybacks for money that was unfairly taken. Gary Hindes, a Fannie shareholder, has argued unsuccessfully that the Treasury sweep of GSE profits violates state law in Delaware and Virginia, where Fannie and Freddie are incorporated. Having lost the first round, the case is currently on appeal to the U.S. Court of Appeals for the Third Circuit. In a statement released this week, Hindes blasted the agreement between the GSEs and Treasury.
Fannie Affordable Housing Challenge. Fannie Mae launched a $10 million challenge to help address the affordable housing crisis. Through the Sustainable Communities Innovation Challenge, the GSE will commit $10 million over two years to attract promising ideas that will help alleviate affordable housing issues. Fannie expects to receive proposals from across the public, private, and nonprofit sectors. Maria Evans, Fannie’s vice president of sustainable communities’ partnership and innovation, said, “With the Challenge, we are looking for new concepts, designs, and ways of solving our nation’s affordable housing issues from innovators who are working inside and outside of the traditional housing industry. Great ideas can come from anywhere.” The goal is to...
With Fannie Mae and Freddie Mac buybacks at post-crisis lows, mortgage sellers should reevalu-ate their repurchase reserves for a number of reasons that could impact their business, according to mortgage industry experts. With loan quality significantly improved and underwriting standards tight-ened, many lenders are likely overestimating potential buybacks and carrying excess reserves.
PennyMac Mortgage Investment Trust, through three affiliate companies, has entered into a structured deal to finance Fannie Mae mortgage servicing rights and excess servicing spread.
Progressives are worried that in 2019 a new Federal Housing Finance Agency director will takeover, undoing much of what they like about the current system…
Commercial banks and savings institutions reported another decline in the volume of home mortgages they repurchased from investors during the third quarter, according to an Inside Mortgage Trends analysis of call-report data. The banking industry repurchased or made indemnification for $698.3 million of single-family loans during the third quarter, down 2.0 percent from the previous period. That was the lowest quarterly repurchase figure since ... [Includes one data chart]
The volume of single-family home loans flowing into Fannie Mae and Freddie Mac mortgage-backed securities rose unexpectedly in the fourth quarter of 2017, according to a new ranking and analysis by Inside Mortgage Finance.
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