A sharp downturn in refinance activity reduced Fannie Mae’s and Freddie Mac’s business volume during the second quarter of 2013, but the GSEs posted their strongest quarter in purchase-mortgage activity in four years, according to a new Inside The GSEs analysis. Fannie and Freddie issued $337.74 billion in single-family mortgage-backed securities during the second quarter, a 5.1 percent decline from the first three months of the year. The decline put an end to an upward trend in GSE production that took hold during the third quarter of 2012. Despite this, Fannie and Freddie business was up 20.0 percent over the first six months of last year.
Roughly $495 billion of residential MBS and non-mortgage ABS were issued during the second quarter of 2013, according to a new Inside MBS & ABS market analysis.
The Federal Reserve will go ahead with proposed rule changes related to mortgage servicing rights, but with what it calls a “lengthy transition period.”
The volume of new business flowing through Fannie Mae and Freddie Mac – a lagging indicator of primary market originations – declined modestly during the second quarter of 2013, according to a new analysis and ranking by Inside Mortgage Finance. The two government-sponsored enterprises securitized $337.74 billion of single-family mortgages during the second quarter, down 5.1 percent from the first three months of the year. The decline reversed an upward trend in quarterly GSE production that started in the third quarter of 2012. Even with the downturn, business at Fannie and Freddie was up 20.0 percent over the first six months of last year. The second-quarter decline clearly reflected...[Includes three data charts]
Jumbo conduits such as Credit Suisse and Redwood Trust are working to increase the number of correspondent lenders they work with as the non-agency jumbo mortgage-backed security market starts to rebound. The conduits offer attractive execution for lenders that don’t want to hold jumbo originations in portfolio, according to industry participants. Jumbo conduits are “a real business that’s going to be in this for the long term,” said Peter Sack, a managing director at Credit Suisse, during a webinar hosted by Inside Mortgage Finance late last week. Some $3.9 billion in non-agency jumbo mortgage-backed securities were issued...
Hedge fund giant Cerberus Capital Management has quietly purchased a nonbank mortgage company based in Georgia and plans to use the firm to grow it into a national player in residential finance, according to industry sources close to the deal. One official inside of Cerberus confirmed the purchase to Inside Mortgage Finance as well as some of the growth plans, but declined to identify the company. Cerberus, which makes investments worldwide, operates dozens of funds, many of which target specific sectors or projects. The sale was facilitated...
Cherry Hill Mortgage Investment Corp., a real estate investment trust launched by Freedom Mortgage, recently filed updated documents tied to its initial public offering, but remains quiet on when it might actually go public. Like many REITs, the new company is setting its sights on the mortgage servicing market, in particular “excess servicing” rights that will be created by Freedom, which is based in Cherry Hill, NJ. The company did not return calls from Inside Mortgage Finance about the offering. There has been...
Although the recent spike in rates spooked some players in the non-agency market, conduits like Redwood Trust and Credit Suisse are still in the hunt for new customers.
RSS