One of the complications of the federal government’s takeover of Fannie Mae and Freddie Mac has been the injection of uncertainty over whether the two government-sponsored enterprises can foreclose by advertisement due to Uncle Sam’s control of the companies. That has bred some novel legal arguments against the GSEs’ ability in this regard, but they have met with mixed results thus far. “Over the past several months, one of the newer arguments challenging foreclosure by borrowers is...
In supplemental materials to his speech, President Obama referenced the GSEs' “failed business model,” adding that taxpayers should never again be “on the hook for bad loans and bailouts.”
Through the first nine months of 2013, commercial banks sold $1.077 trillion of home mortgages, according to call-report data compiled by Inside Mortgage Trends.
The settlement covers damages suffered by Fannie Mae from misrepresentations Lehman was alleged to have made regarding the quality of non-agency product it sold to the GSE.
Mortgage topics don’t always make the President’s State of the Union speech, but President Obama Tuesday night may touch on the issue of credit availability and whether the government has “gone too far.”
In fact, 10 of the 17 banks tracked by Inside Mortgage Trends posted increased mortgage-banking income during the final three months of 2013, and all of them reported a positive showing.
Despite AEI’s findings, delinquencies on GSE loans continue to fall. In December, for example, Freddie’s single-family delinquency rate totaled 2.39 percent compared to 3.25 percent a year earlier.
The market produced $4.94 billion of new non-agency MBS during the fourth quarter, according to a new Inside MBS & ABS analysis and ranking, the weakest output of the year.
Besides Freddie Mac and FHA, the three other main competitors for Fannie in the multifamily sector are life insurance companies, banks and conduit lending programs.
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