Thanks to strong growth in the agency market, the supply of single-family MBS outstanding continued to grow over the final three months of 2016, a new Inside MBS & ABS analysis reveals. Agency MBS outstanding pushed to a new record, $6.034 trillion, as of the end of last year. The biggest gainer continued to be Ginnie Mae, which reported a 2.2 percent increase in the fourth quarter and a 7.7 percent gain for the year. Freddie Mac matched Ginnie’s fourth-quarter increase, but its year-to-date gain was smaller, 4.2 percent. Fannie Mae had...[Includes two data tables]
Tax reform may have a significant impact on Fannie Mae and Freddie Mac, before federal policymakers get around to resolving the long-running conservatorships of the two government-sponsored enterprises. Reducing the corporate tax rate is a big component of the Trump administration’s tax reform plan, but it could force the GSEs to write down the value of their deferred tax assets. “It is...
In a prominent Fannie Mae and Freddie Mac shareholder case, the government was ordered to go back through thousands of documents related to the Treasury sweep to determine whether they fall under the executive privilege that has been more narrowly defined. In an attempt to make sure the government asserted privilege properly on the 11,000 documents it is withholding, Federal Claims Court Judge Margaret Sweeney asked it to reexamine the large batch and turn over any that don’t merit secrecy by April 17. This order follows...
The three major credit bureaus plan to exclude two critical pieces of negative information from their reports, which may make it easier for some borrowers to qualify for a mortgage.
The volume of home mortgages outstanding continued to grow during the final three months of 2016, no thanks to the commercial banking industry. Recently released data from the Federal Reserve show $10.266 trillion of mortgage debt outstanding at the end of last year. That was up 0.7 percent for the quarter and reflected a 2.3 percent gain for the full year. The market still has a long way to go to catch up to the $11.240 trillion of mortgage debt outstanding at the end of 2007, but growth has been steady since bottoming out in mid-2014. The agency market continued...[Includes two data tables]
The three major credit bureaus plan to exclude two critical pieces of negative information from their reports, which may make it easier for some borrowers to qualify for a mortgage. Many tax liens and civil judgments, which can weigh down a credit score, will be removed. As part of a multi-year plan to alleviate incorrect information, on July 1, Equifax, Experian and Transunion will apply new public record standards when it comes to collecting and the timely updating of civil judgments and tax liens, the Consumer Data Industry Association said this week. The new standard will apply...
A borrower seeking cancellation of private mortgage insurance prevailed last week in a lawsuit against JPMorgan Chase. The appeals court noted that federal law regarding standards for MI cancellation overrides Fannie Mae’s servicing guidelines. The case of Ginnine Fried v. JPMorgan Chase centers on how to calculate a borrower’s loan-to-value ratio when allowing for MI cancellation after the LTV ratio falls below 80.0 percent. The borrower filed...
Fannie Mae, Freddie Mac and Ginnie Mae securitized $183.69 billion of newly originated mortgages produced through the wholesale-broker channel last year, a new Inside Mortgage Finance analysis reveals. That was up 22.2 percent from 2015 volume, the biggest increase among the three mortgage-production channels. The biggest increase for broker originations was in Fannie mortgage-backed securities, rising 31.5 percent from 2015, accounting for 12.2 percent of the government-sponsored enterprise’s MBS issuance last year. The dataset includes only purchase and refinance loans that were securitized within six months of origination, and it excludes mortgages with no channel identification. Brokers earned...[Includes two data tables]
RSS