While there may be some dispute in the industry regarding front-end versus back-end transactions, it’s clear that Fannie Mae and Freddie Mac credit-risk transfer programs are here to stay and will only intensify, according to Bob Ryan, the Federal Housing Finance Agency’s acting deputy director of the division of conservatorship. “The FHFA and the enterprises are committed to credit risk on a routine basis. It is not a pilot; it’s a routine part of our ongoing activity,” he said during a Bipartisan Policy Center seminar on mortgage finance reform. Ryan re-emphasized...
When the news broke about Stonegate this past summer, FBR issued a note to its clients saying that, “We expect the company has two options: hire a replacement CEO quickly, or sell the business altogether.”
The flow of FHA purchase mortgages jumped 37.7 percent from the second to the third quarter, and VA purchase mortgages rose 37.9 percent over the same period.
Not only are Fannie Mae and Freddie Mac spending more money than they were a few years ago, but their proposed budgets are being submitted late, says the IG.
On the conventional product, the loans have an average age of 23 months and delinquencies in the 3.0 percent range. Almost 80 percent of the loans are in California.
New issuance of residential MBS and non-mortgage ABS fell slightly during the third quarter of 2015, but the market remained well ahead of the pace set last year. A new Inside MBS & ABS analysis shows a total of $396.99 billion of MBS and ABS were issued during the third quarter, down 6.1 percent from the previous quarter. That total does not include commercial MBS or multifamily securities issued by Fannie Mae, Freddie Mac and Ginnie Mae. On a year-to-date basis, total MBS and ABS issuance was...[Includes two data tables]
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