Fannie Mae and Freddie Mac securitized a total of $183.17 billion of single-family mortgages during the third quarter of 2014, continuing the improving momentum during the previous period, according to a new Inside Mortgage Finance analysis and ranking. Combined mortgage-backed securities issuance for the two government-sponsored enterprises rose 29.1 percent from the second quarter, marking the second straight increase from the record-low levels set during the first three months of 2014. On a year-to-date basis, GSE volume was down 53.6 percent from the first nine months of 2013. Although purchase mortgages continued to provide most of the ammunition for Fannie/Freddie business, the GSEs securitized...[Includes three data charts]
Ginnie Mae is taking a closer look at change-of-control applications from issuers and servicers, according to investment banking advisors who work in mortgage industry mergers and acquisitions. “Ginnie is toughening up the change-of-control process to keep folks who got their tickets – and don’t use them – from trying to increase the value of their company in an M&A situation,” said one advisor who represents clients before the agency. He noted...
The Federal Housing Finance Agency is not on board with its Inspector General’s recommendation that the agency direct Fannie Mae and Freddie Mac to assess the cost and benefit of requiring lenders to get independent, third-party confirmation of their compliance with government-sponsored enterprise origination and servicing guidance. The IG audit noted that the Securities and Exchange Commission and the Department of Housing and Urban Development, as well as private MBS investors in the secondary mortgage market, already require annual, independent assurance of counterparty compliance. “The annual assertions and audits have helped...
One active NPL bidder has been Lone Star Funds, but sources tell IMFnews the hedge fund has been having a “brain drain” of sorts when it comes to talent.
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