The Federal Housing Finance Agency has skimped in its oversight of Fannie Mae’s and Freddie Mac’s budgets, in most cases not approving them until well after the start of the government-sponsored enterprises’ fiscal years, according to the Inspector General of the FHFA. The FHFA’s budget review and approval process for Fannie and Freddie is seriously flawed and plagued with cursory-level analysis and inadequate resources, the IG said. The agency generally agreed with the IG report and overhauled its budget-review process in July 2015. The IG noted...

In general, IBM has rarely talked to the media about Seterus and its contract with the government-sponsored enterprise, or much else, for that matter.

When the news broke about Stonegate this past summer, FBR issued a note to its clients saying that, “We expect the company has two options: hire a replacement CEO quickly, or sell the business altogether.”

In his rebuttal to the IG’s findings, FHFA acting deputy director of conservatorships, Bob Ryan, concurs with some of the IG’s recommendations but takes issue with other aspects of the report.

According to the offering circular, the collateral resides in all 50 states with Ohio having the highest chunk at a mere 8.1 percent.

Not only are Fannie Mae and Freddie Mac spending more money than they were a few years ago, but their proposed budgets are being submitted late, says the IG.

On the conventional product, the loans have an average age of 23 months and delinquencies in the 3.0 percent range. Almost 80 percent of the loans are in California.

On a year-to-date basis, total MBS and ABS issuance was up 37.7 percent from the first nine months of 2014.

New issuance of residential MBS and non-mortgage ABS fell slightly during the third quarter of 2015, but the market remained well ahead of the pace set last year. A new Inside MBS & ABS analysis shows a total of $396.99 billion of MBS and ABS were issued during the third quarter, down 6.1 percent from the previous quarter. That total does not include commercial MBS or multifamily securities issued by Fannie Mae, Freddie Mac and Ginnie Mae. On a year-to-date basis, total MBS and ABS issuance was...[Includes two data tables]

Fannie Mae and Freddie Mac continued to tap investor interest in credit-risk transfer transactions over the last week or so, with each company announcing another deal involving more support from various elements in the insurance and reinsurance sectors. Last week, Fannie announced it has completed its latest Credit Insurance Risk Transfer transaction, which shifts credit risk on a pool of loans to a panel of reinsurers. In CIRT-2015-3 which became effective Aug. 1, 2015, Fannie retained...[Includes one data table]