The ABS market itself shrank slightly during the third quarter, according to data reported by the Securities Industry and Finance Markets Association...
In case you haven’t noticed: the national debt is ready to crack the $20 trillion mark – almost twice the dollar volume of outstanding residential debt in the United States.
Fannie Mae and Freddie Mac saw a largely seasonal decline in single-family business in October, according to a new Inside The GSEs analysis of mortgage-backed securities data. The two GSEs guaranteed $99.33 billion of single-family MBS during October, an 8.3 percent decline from the previous month. Most of the slippage was in purchase-money mortgages, which fell 14.5 percent from September, following typical seasonal patterns. The refi market held up a lot better. October volume was down 1.6 percent from September, while still ranking as the second-highest monthly total so far this year. That pushed the refi business to 60.2 percent of GSE volume, excluding modified loans.
The Federal Housing Finance Agency raised the maximum conforming loan limit for GSE mortgages by $7,100 for 2017, amid rising home values. The new loan limit, announced Nov. 23, is $424,100 and represents the first time in a decade, since the housing downturn, that the conforming loan limit climbed above $417,000. The baseline loan limit was established by the Housing and Economic Recovery Act and is recalibrated each year to reflect the changes in a national home price index. Until now, the index has not risen above levels set in the third quarter of 2007.
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