Fannie Mae and Freddie Mac have a liquidation value – excluding what they’ve already paid to the federal government – potentially well north of $200 billion, according to an independent evaluation conducted on the two GSEs.The report, conducted by Alvarez & Marsal, concluded that if the two GSEs are eventually liquidated, the federal government could reap $170 billion to $234 billion in net proceeds. Fannie Mae and Freddie Mac have a liquidation value – excluding what they’ve already paid to the federal government – potentially well north of $200 billion, according to an independent evaluation conducted on the two GSEs. The report, conducted by Alvarez & Marsal, concluded that if the two GSEs are eventually liquidated, the federal government could reap $170 billion to $234 billion in net proceeds.

The long-awaited auction of nonperforming mortgages by HSBC USA appears to be underway, though the bank isn’t providing much guidance on the dollar volume of loans it intends to sell this year. In early March, HSBC held a private auction of roughly $1.2 billion of NPLs, according to investors briefed on the sale. “Only a select group of buyers was invited to participate,” said one source. Rumored bidders include Goldman Sachs and Credit Suisse, among others. A spokeswoman for HSBC ...

The average time on market for short sales has increased significantly in the past year, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The problems appear to be due to approvals from sellers as well as lenders’ concerns about financing such purchases. Short sales completed in February were on the market for 17 weeks, based on a three-month moving average. That’s a 30.8 percent increase from the average time on market for short sales ...

New master policies announced recently by the Federal Housing Finance Agency for private mortgage insurers may not provide the touted improvements or additional clarity, warned attorneys with Reed Smith’s Insurance Recovery Group. The revised MI master policy requirements are designed to ensure consistent and reliable MI coverage for greater operational efficiency and transparency in the mortgage market. They are supposed to improve and clarify the various rights and ...

Mortgage lenders repurchased $3.05 billion of home loans from Fannie Mae and Freddie Mac during the fourth quarter of 2013, a 91.0 percent increase from the previous quarter, according to a new Inside Mortgage Trends analysis of repurchase disclosures. As “securitizers,” the two government-sponsored enterprises are required to file repurchase activity reports with the Securities and Exchange Commission. Fannie and Freddie have ... [Includes one data chart]

Fannie Mae and Freddie Mac in 2013 wrapped up most of the massive amount of repurchase demands they made on legacy loans originated before 2008, but the GSEs are looking more closely at new production and, increasingly, servicer performance. Together, Fannie and Freddie reported a total of $37.87 billion in mortgage repurchases and other settlements of buyback claims, which typically means the lender indemnified the GSE for its losses.

Other firms had more of a jumbo focus. Second-ranked PHH Mortgage reported that 50.0 percent of its originations in 2013 were non-agency jumbos.

A number of lenders said they have put an increased emphasis on jumbo ARMs due to the rise in interest rates that started in May of 2013.

Not only is the spring home buying season beginning to show signs of life, so too is the M&A market for mortgage companies.

One source close to Wornow said he was especially displeased with Morgan’s lack of enthusiasm for non-agency products.