According to one published report, Gov. Andrew Cuomo is considering John Coffey as the next superintendent for New York Department of Financial Services.
The amount of lead time the market will need to make changes to prepare for the single security was one of the concerns discussed at the first advisory group meeting for the single security/common securitization platform.Members, comprised of trade group officials as well as representatives from Fannie Mae, Freddie Mac and Common Securitization Solutions, convened for the first time in mid-July at the CSS office in Bethesda, MD.Operational and technology impacts were discussed, according to notes summarizing the meeting, and most participants agreed that a quick fluid transaction would be best, with conversion to the new security taking place as soon as possible. Most members agreed that the transition could be completed within three or four months but said system changes could take longer.
Freddie Mac launched a new credit risk-transfer offering late last week that’s structured more like a non-agency mortgage backed security. One analyst said it could prompt more participation from real estate investment trusts. The $300 million offering, the Freddie Mac Whole Loan Security, features a $278 million senior class guaranteed by the GSE and a $23 million subordinate actual-loss security. WLS 2015 SC01 is backed by super-conforming loans originated in the fourth quarter of 2014 and early 2015. The GSE said by shifting some of its credit risk from the underlying mortgages to subordinate investors, the new offering compliments its Structured Agency Credit Risk and Agency Credit Insurance offerings.
Software company Ellie Mae recently teamed up with Fannie Mae to incorporate Fannie’s risk management tools into its system to make it easier for lenders to do business with the GSE. This will help ensure that the loans meet Fannie’s sale eligibility requirements. Although Ellie Mae has its own system, Encompass LOS, the company decided to incorporate Fannie’s risk management tools, like Desktop Underwriter, Collateral Underwriter and Early Check software, into Encompass. The California-based company said it hopes the integration will enhance transparency and avoid any potential last-minute surprises since the system will examine loans beginning from eligibility all the way to loan delivery.
Fannie’s New Headquarters. Fannie Mae will begin occupying its new state-of-the-art headquarters in Washington, DC in 2017, replacing the site of the Washington Post building. Renderings filed with the DC’s Board of Zoning Adjustment illustrate window-filled twin buildings connected by several bridges and notes that it will have about 1.2 million square feet spread out among 12 stories and retail on the bottom. Freddie Mac SVP Receives Award. Christina Boyle, a Freddie senior vice president, was named a 2015 “Power Player” by MReport, honoring women in housing finance. GSE Q2 Earnings Release Date. Freddie Mac announced that it will release its second-quarter 2015 financial results on Tuesday morning, Aug. 4. Freddie Prices Second Q Certificate. Freddie Mac priced its second Q Certificates...
In preparation for more risk sharing, including its first actual-loss transaction, Fannie Mae released an updated, more detailed single-family loan performance dataset last week to provide more transparency to the market. The GSE plans to move away from fixed severity deals to an actual-loss framework for its Connecticut Avenue Securities risk-sharing deals as early as the fourth quarter of 2015.The enhanced dataset will include credit performance up to and including property disposition, including credit event dates, costs incurred and Fannie’s recovery proceeds. Until now, Fannie risk-sharing transactions used pre-set loss severity schedules to determine investor loss exposure.Laurel Davis, vice president for credit risk transfer at Fannie, said the GSE is providing access to the data now in order to give the market...
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