Non-agency mortgage lending staged a minor revolt in 2013, reversing two years of increasing domination of the market by Fannie Mae, Freddie Mac and Ginnie Mae. The only growth spots in the mortgage market last year were in jumbo originations and home-equity lending, according to a new ranking and analysis by Inside Mortgage Finance. Jumbo production surged 20.9 percent from 2012 levels to an estimated $272 billion – the strongest output for the sector since 2007. Home-equity lending was...[Includes two data charts]
The Obama administration is asking Congress for authority to charge FHA lenders an “administrative fee” to help pay for improvements to the FHA quality assurance program. FHA wants to build a new quality assurance framework that will provide lenders more clarity about the agency’s expectations regarding the loan production process, said FHA Commissioner Carol Galante during a media briefing on provisions in the administration’s fiscal 2015 budget proposal that affect the Department of Housing and Urban Development. The idea is...
GOP senators recently dispatched a letter to FHFA Director Mel Watt, countering a plea signed by 33 Democrats in January calling on the agency director to immediately authorize GSE funding to the National Housing Trust Fund and the Capital Magnet Fund.
Prospect Mortgage had roughly $975 million in committed warehouse lines at yearend. Its three largest providers include UBS Securities, Bank of America/Merrill Lynch and Fannie Mae.
In a rambling, 6-page letter sent to the GSE’s board, Fairholme Managing Member Bruce Berkowitz claims Fannie Mae’s equity securities are now valued by the market at $36 billion.
The Federal Housing Finance Agency ordered the two GSEs to sell at least 5 percent of their “less-liquid” mortgage assets, meaning whole loans and non-agency securities. CMBS are arguably the most liquid of these.
What does the seller of the MSRs think about what's going on with the DFS? A spokesman for the nation's largest lender and servicer told IMFnews: "Wells Fargo has not been a party to any discussions with the New York Department of Financial Services regarding Ocwen."
Fannie Mae and Freddie Mac reported significant profits during the fourth quarter of 2013, capping a year in which rising guaranty fees had little impact on the market share of the two government-sponsored enterprises. Fannie reported net income for 2013 of $84.0 billion, compared to $17.2 billion in 2012, but over half of last year's earnings (roughly $45 billion) came from recaptured deferred tax assets. The company reported fourth-quarter earnings of $6.5 billion, its eighth consecutive quarterly profit. After it makes its next dividend payment to the Treasury Department in March, Fannie will have paid...
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