Freddie Mac is preparing to sell its second “Whole Loan Securities” transaction, according to a presale report from Moody’s Investors Service. The planned $634.64 million deal will be structured like a non-agency mortgage-backed security with senior tranches and subordinate tranches. Unlike the first deal from the government-sponsored enterprise, the planned issuance received ratings on some of the subordinate tranches. The unrated senior ... [Includes three briefs]
loanDepot Inc. this week priced its much anticipated initial public offering, valuing its soon-to-be-listed shares – 34.5 million units in total – at $18 each or roughly $621 million, a lofty valuation for a company that owns just over $20.9 billion in mortgage servicing rights. Few in the industry are questioning loanDepot’s explosive growth since its inception five years ago, but eyebrows have been raised about the anticipated size of the deal. “It’s...
Promoting affordable housing by recapitalizing Fannie Mae and Freddie Mac is the premise of a new study released this week by the Brookings Institution arguing that their conservatorship should come to an end. Obama administration officials have previously rejected such proposals. The paper noted that the Treasury Department’s sweep policy, which takes the bulk of Fannie’s and Freddie’s profits, limits the government-sponsored enterprises’ ability to promote homeownership and expand access to affordable home ownership, especially among low-income households. Robert Shapiro, former Brookings fellow, and chairman of Sonecon, LLC, along with Elaine Kamarck, a senior fellow at Brookings, said...
The goal of the program is to help stabilize neighborhoods that were hardest hit by the real estate downturn by letting local community organizations review and purchase foreclosed properties first.
The nation’s largest mortgage investing REIT, Annaly Capital Management, reported a $627 million loss in the third quarter compared to a $900 million profit in 2Q.
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.
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