The refinance program for performing, underwater Fannie Mae and Freddie Mac mortgages staggered to a five-year low during 2014, but government officials are thinking about keeping it on life support for another year. The Home Affordable Refinance Program is slated to expire at the end of 2015. Although the Federal Housing Finance Agency has barnstormed around the country trying to drum up business, activity in the program has fallen steadily since ... [Includes two data charts]
Fannie Mae and Freddie Mac continue to turn their focus in loan-quality reviews to more freshly originated mortgages, the vast majority of which are current. A new Inside The GSEs analysis of disclosures made by the GSEs to the Securities and Exchange Commission shows that most of the lender repurchases made in 2014 continued to be associated with older, pre-crisis loans. But the biggest volume of pending and unresolved buyback demands were tied to loans securitized in 2013 and 2014. Sellers repurchased or provided indemnification on some $4.046 billion of mortgages during 2014, the disclosures reveal. They were split roughly evenly between Freddie ($2.031 billion) and Fannie ($2.014 billion)...[includes exclusive chart]