Declining refinance volume contributed to a marked decline in the GSEs’ overall business during September compared to the previous month, with Fannie Mae seeing a rise volume to the detriment of Freddie Mac, according to a new Inside The GSEs analysis.Fannie and Freddie issued $78.6 billion in single-family mortgage-backed securities during the third quarter, a 20.0 percent decline from August but a 9.0 percent rise for the first nine months of 2013. [Includes one data chart.]
Fannie Mae and Freddie Mac securitized $285 billion of single-family mortgages during the third quarter, an almost 16 percent drop from the previous three-month period. As for the outlook for the fourth quarter, the industry is nervous.
Fannie Mae and Freddie Mac plan to test parts of a common securitization platform under development by year-end, according to an official at the Federal Housing Finance Agency. The FHFA separately announced this week what it deemed to be “significant steps” for the government-sponsored enterprises’ planned CSP. A year-and-a-half after the federal regulator announced the project, the platform remains a nebulous goal that GSE officials hope to make exceedingly encompassing and flexible. Speaking this week at the ABS East conference in Miami sponsored by Information Management Network, Wanda de Leo, deputy director of the FHFA’s office of strategic initiatives, said...
While standardization was the focus of jumbo investors, perhaps the bigger concern for participants is that most investors said they were looking to buy almost anything other than new jumbo MBS.
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