During the worst of the buyback storm in late 2012 and early 2013, the GSEs reported over $18.51 billion of unresolved repurchase requests and as much as $13.22 billion in buybacks during a single quarter.
What year-end slow down? Michigan Mortgage is searching for 14 new employees for ten of its 28 locations. A majority of the jobs are for loan officers and underwriter positions...
Fleig said Fannie’s new policy has prompted some questions as industry participants haven’t seen a draft of the subordination agreement seller/servicers will have to sign.
The refinance market was soft as well. The agencies securitized $37.48 billion of refinance loans during November, down 12.3 percent from the previous month.
Fannie Mae, Freddie Mac and Ginnie Mae produced just $86.69 billion of single-family MBS during November, according to a new Inside MBS & ABS ranking and analysis. Last month’s production was down 19.1 percent from October’s volume and represented the weakest issuance since the agency MBS market started to take off in February of this year. All three agencies saw...[Includes two data tables]
In the ongoing Fairholme Funds v. The United States case, Judge Margaret Sweeney recently denied Fannie Mae’s motion to quash or invalidate a subpoena issued by the plaintiff’s counsel. As part of the discovery phase, Fairholme Funds asked that Egbert Perry, appointed chairman of the noard of Fannie in 2014 and board member since 2008, be called to testify in the case. In the motion, Fannie and Perry argued that based upon the discovery conducted so far, deposing Perry is “unnecessary and burdensome.” The court rejected that and other arguments made to relieve Perry of testifying. In the November order, Judge Sweeney said that the court permitted discovery in this case to ensure that plaintiffs would have every opportunity to...
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