Wells Fargo once again ranked first among all GSE sellers with a market share of 15.3 percent in October, almost triple that of the number two ranked Quicken Loans.
New agency issuance of single-family MBS declined in October as a result of a slowdown in the purchase-mortgage market, according to a new Inside MBS & ABS analysis and ranking. Fannie Mae, Freddie Mac and Ginnie Mae issued a total of $107.19 billion of single-family MBS last month, a 5.6 percent slip from September’s volume. The flow of purchase mortgages securitized by the three agencies was down 9.6 percent for the month, while refinance volume was up 2.6 percent in October. Some of the strength in refi activity is...[Includes two data tables]
Fannie Mae and Freddie Mac continued to reduce their retained mortgage portfolios during the third quarter by a combined $35.2 billion, a period in which Fannie reported a $2.2 billion gain in earnings while Freddie suffered a $475 million loss. Freddie Mac noted that its investments in less liquid assets were $114.2 billion at the end of the quarter, down 8 percent or $10.1 billion from the second quarter. The government-sponsored enterprise attributed this to its ongoing portfolio liquidation and the sales of $3.4 billion of non-agency MBS. Freddie also securitized $4.0 billion of single-family re-performing and modified loans. Since being placed in conservatorship, Fannie and Freddie have been...[Includes one data table]
A rule proposed late last month to impose margin requirements in the single-family “to-be-announced” market would draw in the multifamily housing finance programs of Fannie Mae and Ginnie Mae, according to industry trade groups. At issue is SR-FINRA-2015-036, a proposal to amend Financial Industry Regulatory Authority Rule 4210 margin requirements for TBA transactions, including adjustable-rate mortgage transactions, specified pool transactions, and transactions in collateralized mortgage obligations, issued in conformity with a program of an agency or government-sponsored enterprise, with forward settlement dates. In a letter last week to the Securities and Exchange Commission, more than a dozen industry groups expressed...
Now that rates are rising, one might expect Freddie to have a blow-out quarter in 4Q. Will Rep. Garrett issue a statement in February congratulating the GSE on a great job?
The Federal Housing Finance Agency determined that Freddie Mac did not meet all of its low-income and very low-income home-purchase goals for 2014, according to the FHFA’s preliminary annual housing report released on October 30. Under the GSEs’ affordable housing goals, low-income is for home-purchase mortgages to families with incomes no greater than 80 percent of the area median income, and the very low-income home- purchase goal is for families with incomes no greater than 50 percent of AMI. Freddie fell short of meeting both goals. The low-income home-purchase goal was 23 percent and Freddie ended 2014 at 21 percent. The very low-income home-purchase goal was 7 percent and Freddie topped out at 4.9 percent.
A bill to cap the salaries of Fannie Mae and Freddie Mac CEOs at $600,000 is expected to become law, but has been rescheduled for vote in the House sometime during the week of Nov. 16. The budget vote last week, coupled with the debate over the Export-Import Bank and election of a new House Speaker, resulted in the salary cap legislation being postponed for a floor vote at a later date this month, said Rep. Ed Royce, R-CA. Royce introduced the “Equity in Government Compensation Act” back in May. It would suspend the $4 million compensation packages for Fannie’s Timothy Mayapoulos and Freddie’s Donald Layton that were approved early this year after...
Investors will be able to exchange existing Freddie Mac participation certificates for new single securities when the GSE creates new “mirror” securities to help facilitate the transition.The exchange program will be available when the new single security goes live and Freddie plans to keep it open for the foreseeable future. Held in a Federal Reserve account, the mirror securities will not increase the outstanding principal balance of Freddie MBS, the GSE explained in an update on the exchange program. The mirror securities will track existing Freddie MBS but substitute a 55-day payment cycle for Freddie’s current 45-day cycle. Freddie will pay compensation equal to the fair market value of the 10 days of lost float when...
Fannie Mae’s most recognizable headquarters in Washington, DC, along with two others, recently hit the market as the GSE plans to sell the properties in preparation for its move downtown in 2017. Commercial real estate firm Cushman & Wakefield began marketing the GSE’s three properties in late October. They include the storied main building at 3900 Wisconsin Ave., which replicates Williamsburg, VA, architecture, a smaller building at 3939 Wisconsin Ave. and Fannie’s 1990’s-era building at 4240 Connecticut Ave. The primary building and land are currently valued at approximately $92.1 million, according to 2015 records from the DC Office of Tax and Revenue. The Connecticut Avenue building is valued at $84 million and the 3939 Wisconsin Ave. building is...
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