A new fund has been created to encourage investments in the dwindling supply of single-family and multifamily affordable-housing options. Ten banks have contributed to the $25 million Community Development Fund since it opened in February. The fund will invest primarily in securities issued or guaranteed by the U.S. government or its agencies, and other investment grade fixed-income securities. In normal circumstances, the fund plans to invest at least 90 percent of its net assets in debt securities and other debt instruments that the fund’s advisor deems would qualify under the Community Reinvestment Act. Ken Thomas, president of Community Development Fund Advisors in Miami, set up...
Recently, rumors were making the rounds in Washington that Fannie and Freddie might be pondering an increase in their net worth minimums for seller/servicers...
The Federal Housing Finance Agency released an updated timeline, along with more technical details, on its single-security and common securitization platform late this week. It plans to announce the intended launch date for the single security later this year. This will give stakeholders at least 12 months' advance notice to prepare for implementation. While the project seems to be on track, the FHFA noted that some of the interim milestones could change due to the complicated undertaking. “Many of the milestones pertain to three types of system testing that the enterprises and Common Securitization Solutions must complete before implementation of each release,” according to the FHFA.
Fannie Mae and Freddie Mac saw significant increases in the flow of both refinance loans and purchase-money mortgages during the second quarter of 2016, according to a new ranking and analysis by Inside Mortgage Finance. And for the first time in a long while, nonbank mortgage companies delivered over half of the single-family mortgages securitized by the two government-sponsored enterprises. Fannie and Freddie securitized...[Includes three data tables]
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