Freddie Mac is set to implement a waiver aimed at reducing lender anxiety about potential buybacks related to appraisal issues, matching a similar policy already implemented by Fannie Mae. The initiatives by the two government-sponsored enterprises are aimed at one of the last major bugaboos in the representations and warranties lenders take on when they sell loans. Lender repurchases have declined dramatically over the past few years as Fannie and Freddie cleaned up buyback disputes related to loans originated before the housing market collapse. In 2016, lender repurchases and other indemnifications fell...
Angel Oak competitor Citadel Servicing Corp., Irvine, CA, is planning to come to market with its first deal, a rated security that could top $160 million…
Fannie Mae and Freddie Mac executed various forms of credit-risk transfers last year that covered $548.0 billion of mortgages, a 30.4 percent increase over the amount covered by CRT activity in the previous year, according to a new report from the Federal Housing Finance Agency. The performance met the “scorecard” targets issued by their regulator. In total, the two government-sponsored enterprises transferred $17.9 billion of risk in 2016, most of it through their debt note programs. Fannie’s Connecticut Avenue Securities and Freddie’s Structured Agency Credit Risk programs accounted for 72.1 percent of risk transferred last year, the FHFA said. Reinsurance, the next biggest category, accounted...[Includes one data table]
The mortgage market has paid close attention to a lawsuit brought by PHH Mortgage that challenges the constitutionality of the Consumer Financial Protection Bureau, and the Trump administration’s recent move to side with the mortgage lender. Now, the Treasury Department is making a similar argument that the structure of the Federal Housing Finance Agency is also unconstitutional. Both the CFPB and FHFA, the regulator of Fannie Mae and Freddie Mac, are independent agencies led by a single director whom the president can only fire for cause. In an advisory filed March 24, the Treasury backed...
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