Conservatorship has left Fannie Mae and Freddie Mac in a state of flux, according to former Federal Deposit Insurance Corp. Chairman William Isaac, who recently criticized the federal government’s verdict to let the Treasury Department take the bulk of the GSEs profits. As anxiety continues to grow about the sustainable profitability of Fannie and Freddie, Isaac said there doesn’t appear to be light at the end of the tunnel. “We need to bring some fresh thought to this issue,” he said during a teleconference sponsored by Investors Unite last week. Although he said there has been very little movement on the issue within the past year. Isaacs said until a resolution is reached, “it’s very important that the government treat...
Freddie Pre-markets STACR Offering. Freddie Mac announced on April 6 a plan to pre-market its first actual loss STACR offering, STACR 2015-DNA1, starting April 13, subject to market conditions. Instead of allocating losses to the debt note based on a fixed severity approach, losses will allocated based on the actual losses realized on the related reference obligations. One Analysis of the Upcoming G-Fee and LLPA Announcement. In anticipation of the announcement surrounding guaranty fees and loan level price adjustment requirements, FBR Capital Markets released a couple of observations on April 8 regarding the possible income and impact on the market. “We still believe G-fees and LLPAs will be cut for a significant percentage of mortgage production,” FBR analysts said. However...
As a new day of mortgage disclosure practices nears, courtesy of the integrated disclosure rule from the Consumer Financial Protection Bureau, a strong supporter of eClosings and eMortgages – Fannie Mae – is extending the concept. The government-sponsored enterprise is working on eWarehouse lending in conjunction with eNotes. First, the borrower executes the eNote on a digital closing platform. “The closing system applies a tamper-evident seal to the eNote,” Fannie said ...
In its largest single-property loan purchase to date, Freddie Mac Multifamily and Holliday Fenoglio Fowler, L.P., announced on April 9, that they closed on an $878 million loan for a historic, luxury apartment in Los Angeles. Home to approximately 10,000 residents, La Brea is the largest apartment community on the West Coast and is said to resemble a small city. It has 4,245 units comprised of high-rise towers and garden-style apartments spread throughout 144 acres. Freddie plans to securitize the loan through its K-Deal program. HFF arranged the financing for Prime Residential, one of the largest owners of multi-family rental communities on the West Coast, to retire existing debt.
Fannie Mae and Freddie Mac issued a robust $189.92 billion of single-family mortgage-backed securities during the first three months of 2015, according to a new Inside The GSEs analysis.
After much speculation, Fannie Mae announced on Wednesday its first ever auction of nonperforming loans to qualified bidders. It includes a pool of approximately 3,200 loans totaling $786 million in unpaid principal balance.
CAPITAL HILL REPORT: Shortly before the U.S. Congress vacated the nation’s capital for its spring recess, Sen. Mike Crapo, R-ID, introduced legislation that would require all rules from the Consumer Financial Protection Bureau be evaluated in the 10-year regulatory review process under the Economic Growth and Regulatory Paperwork Reduction Act, which seeks to identify rules that are unnecessary, outdated and overly burdensome. The Dodd-Frank Act already requires the CFPB to similarly review every major rulemaking…
Despite the drought, a Fannie spokesman issued a statement saying, “Bank of America continues to be an important seller-servicer for Fannie Mae, including servicing a sizable book of loans that we own.”
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