Fannie Mae and Freddie Mac officials are confident that the single-security will launch successfully in the to-be-announced market next June, although some market participants at last week’s Residential Mortgage Finance Symposium in New York still have some jitters.
New issuance of single-family MBS by Fannie Mae, Freddie Mac and Ginnie Mae took a predictable downward turn in October as seasonal factors weighed on the U.S. housing market and refinance activity continued to sputter. (Includes two data charts.)
Increasingly worried about the liquidity of its largest nonbank issuer/servicers, Ginnie Mae is telling this select group of companies to come up with a plan to address what an agency spokesman characterized as “eventualities.” (Includes one data chart.)
Redwood CEO Chris Abate: “Our game plan in the third quarter was a bit unconventional – we ran an up-tempo offense, squarely in the face of mortgage market headwinds.”
Nierenberg, a former Bear Stearns executive, stressed that New Residential is going to be relatively conservative with its underwriting standards for non-QMs.
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