Bank and thrift MBS holdings were up a modest 1.0 percent from the previous quarter, but it marked the first increase since the third quarter of 2012, when the Federal Reserve began aggressively buying agency MBS and Treasury securities.
In order for the GSEs to exit conservatorship with the full faith and credit of the U.S., they would have to pay the Treasury a fee equal to the value of the government’s backing under the terms of their preferred stock purchase agreements.
Building the new common securitization platform for Fannie Mae and Freddie Mac may be the easy part. Plugging in the two government-sponsored enterprises is another story. Through the end of last year, the two GSEs had spent about $65 million to build the CSP, according to a report by the Inspector General of the Federal Housing Finance Agency. The IG estimated that Fannie and Freddie this year are spending about $6 million a month to continue that work. In fact, neither the GSEs nor the FHFA have yet come up...
A new poll on the Inside Mortgage Finance website tells the story: Just 24 percent of respondents want Fannie Mae and Freddie Mac taken out to the Jersey Meadowlands by Luca Brasi. (Leave the gun, take the cannolis.)
An East Coast-based warehouse executive, requesting anonymity, said he has approached his credit board about such a change, and his waiting to hear back from them.
Only about 27.7 percent of Ginnie Mae first-quarter volume were refinance loans, and the refi share of the overall market fell to an estimated 44.3 percent, Inside Mortgage Finance found.
State regulators note that their concerns about nonbanks relate to significant growth in recent months prompted in part by increased capital requirements for banks.
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