The Mortgage Bankers Association wants to make sure that Fannie Mae and Freddie Mac aren’t infringing on the primary market as they take on new technology-based mortgage initiatives. The MBA noted that the “bright line” between the primary and secondary markets is crucial.For example, the trade group expressed some concern that Fannie’s Day 1 Certainty initiative is the type of program that may have unintended consequences on the primary market. Officials with the MBA told Inside The GSEs that Day 1 Certainty’s roll-out relied on a single vendor for each component, even though the technology was not new. “Several other vendors offered similar products,” the group noted.
After exploring the single-family rental market for the better half of a year, Freddie Mac an-nounced a $161 million pilot deal with CoreVest American Finance Lender. The government-sponsored enterprise said its foray into the market is aimed at providing affordable housing for low-income and working families.
Mortgage repurchase activity was up sharply at Freddie Mac during the third quarter, while buybacks were down at Fannie Mae, according to an Inside Mortgage Trends analysis of disclosures filed by the two government-sponsored enterprises. Loan sellers repurchased or made other indemnification related to $142.43 million of loans sold into Freddie mortgage-backed securities during the third quarter, a sharp 48.3 percent increase from ... [Includes two data charts]
Drivers for ride-sharing companies and other participants in the so-called gig economy largely work the jobs to earn extra money. But even with the supplemental earnings, many in the gig economy don’t expect to purchase a home any time soon, according to a survey by Fannie Mae. The lack of demand for mortgages from workers in the gig economy is significant because 16 percent of adults in the U.S. work in the sector, including ride sharing, food delivery, handyman services ...
In roughly 10 business days, Fannie Mae and Freddie Mac – which guarantee half of all mort-gage debt in the U.S. – will run out of capital unless their regulator at the Federal Housing Finance Agency does something about it.
Members of the House Financial Services Committee this week approved a bill that would sus-pend Fannie Mae and Freddie Mac contributions to the Housing Trust Fund if the government-sponsored enterprises don’t pay dividends to Treasury. The panel approved the bill on a partisan vote of 33 to 27.