The government-sponsored enterprises’ holdings of vintage nonprime mortgages declined somewhat more quickly than usual in the second quarter of 2017, according to an analysis by Inside Nonconforming Markets. Fannie Mae and Freddie Mac held a combined $123.73 billion of nonprime purchased/guaranteed mortgages and mortgage-backed securities at the end of June, down 7.6 percent from March. Compared with June 2016, their holdings were down by 23.2 percent. The GSEs’ nonprime holdings are...[Includes one data table]
First-time homebuyers accounted for $170.3 billion of securitized purchase mortgages during the first half of 2017, according to an Inside FHA/VA Lending analysis of loan-level data for mortgage-backed securities issued by Ginnie mae, Fannie Mae and Freddie Mac. Purchase-mortgage origination to first-time homebuyers was up 15.7 percent year-over-year and comprised 50.3 percent of total purchase-mortgage loans securitized during the six-month period. FHA accounted for 36.8 percent ($61.4 billion) of first-time homebuyer purchase mortgages delivered into agency pools from beginning to midyear, while conventional purchase mortgages with private mortgage insurance accounted for 28.3 percent ($48.3 billion) over the same period. FHA and private MI are the two leading mortgage insurers for first-time homebuyers. Together, they have provided mortgage insurance for nearly ... [Charts]
Pollock criticized the Treasury Department’s decision to pay off $13.5 billion of subordinate GSE debt at the start of the conservatorships nine years ago...
The day before, Cherry Creek Mortgage issued a statement saying it would extend health care benefits to cover same-sex couples “effective immediately.”
New CIO for Freddie. Freddie Mac named Stacey Goodman as executive vice president and chief information officer. She will begin on Sept. 25 and brings more than 25 years of technology experience in the financial services industry. In her role, Goodman will lead the Information Technology division and provide corporate-wide leadership for all the company's technology activities. Previously Goodman was executive vice president, chief information and operations officer at CIT. Prior to that she held several roles at Bank of America, last serving as managing director and divisional CIO of global technology & operations. Goodman will be a member of the senior operating committee and will report directly to CEO Donald Layton.
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