The GSEs aren’t completely committed to adopting new credit scoring models just yet, but it is on their radar. When asked about the possibility of alternative credit scoring, spokesmen for both Fannie Mae and Freddie Mac pointed to the 2015 Conservatorship Scorecard which stated that they will be assessing the feasibility of alternate credit score models and credit history in loan-decision models. Housing and Urban Development Secretary Julian Castro, who spoke at a credit access symposium in Washington last week, said that the FHA is exploring new ways to determine the creditworthiness of consumers to increase access to mortgage lending. Housing industry leaders in attendance said Fannie Mae, Freddie Mac and other mortgage lenders could increase access....
Although the Federal Housing Finance Agency has upped its efforts to promote diversity and inclusion in the workforce in 2014, the agency said challenges remain as some racial and ethnic groups are still underrepresented, according to a March 31 report to Congress by FHFA’s Office of Minority and Women Inclusion. Because of the Dodd-Frank Act requirements, there has been considerable increases in racial, ethnic and gender diversity of FHFA’s executive leadership team since the agency first began reporting to Congress in 2011. Even though the number of FHFA executives has declined by 13.5 percent in the past three years, minorities comprised 23.5 percent, compared to 10.1 percent in 2011, and women comprised 33.3 percent, compared to 25.4 percent.
In its largest single-property loan purchase to date, Freddie Mac Multifamily and Holliday Fenoglio Fowler, L.P., announced on April 9, that they closed on an $878 million loan for a historic, luxury apartment in Los Angeles. Home to approximately 10,000 residents, La Brea is the largest apartment community on the West Coast and is said to resemble a small city. It has 4,245 units comprised of high-rise towers and garden-style apartments spread throughout 144 acres. Freddie plans to securitize the loan through its K-Deal program. HFF arranged the financing for Prime Residential, one of the largest owners of multi-family rental communities on the West Coast, to retire existing debt.
Fannie Mae and Freddie Mac issued a robust $189.92 billion of single-family mortgage-backed securities during the first three months of 2015, according to a new Inside The GSEs analysis.
After much speculation, Fannie Mae announced on Wednesday its first ever auction of nonperforming loans to qualified bidders. It includes a pool of approximately 3,200 loans totaling $786 million in unpaid principal balance.
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