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Earnings at Freddie Mac Plunge by 90 Percent; GSE Blames it on Derivative Losses of $3.4B

February 19, 2015
Paul Muolo
Freddie reported a $2.7 billion net worth at Dec. 31 and will pay Treasury a $900 million dividend based on fourth quarter results.
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Private MIs Lost Some Ground to FHA in 2014, but Ended Year with Solid Gains

February 19, 2015
John Bancroft
Meanwhile, the private MIs reported just $1.24 billion of new HARP business for the fourth quarter.
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VA Loan Production on a Tear in 4Q, But Agency Light on Details

February 19, 2015
George Brooks
John Bell, assistant director for loan policy at the VA Home Loan Guaranty Service, said VA streamline refinancings rose 18 percent year over year...
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HUD Delays HECM Financial Assessment Requirement

February 19, 2015
George Brooks
Issued in November of last year, the requirement was slated to apply to all HECM mortgages with case numbers issued on or after March 2, 2015.
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Freddie Posts Meager Earnings of Just $227 Million, but Says Not to Worry, It’s All About Derivative Accounting

February 19, 2015
Paul Muolo
After Freddie Mac makes its next dividend payment in March to the U.S. Treasury, the GSE will have returned $91.8 billion to the government versus financial assistance draws of $72.3 billion.
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Freddie Mac Working on New Non-performing Loan Auction

February 19, 2015
Paul Muolo
Fannie Mae has explored NPL auctions, but has yet to pull the trigger.
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Short Takes: Stearns Hires Executive Away From Wells Fargo / LOs in the Dumps Over Their Careers? / $1.35 Trillion in Originations This Year? / FHFA Official Bolts for Collingwood

February 19, 2015
Paul Muolo
Manna from heaven? Roughly 87 percent of LOs expect residential production to exceed 2014’s volume…
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Warehouse Commitments on the Rise, Usage Rates Increase and Deals to be Had, for Nonbank Borrowers

February 19, 2015
Warehouse commitments written by commercial banks reached approximately $33 billion at yearend, according to figures compiled by Inside Mortgage Finance – one of the healthiest readings in several quarters and a sign that all is well in the originations market. The only thing bothering most warehouse managers is how long the good times can last. “There is...[Includes one data chart]
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GSE MBS Issuance Down in January as Refis Sputtered

February 18, 2015
John Bancroft
Freddie Mac actually increased its monthly volume by 7.3 percent from December levels, but Fannie Mae’s production fell 15.6 percent.
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PHH Posts a Loss, Declining Revenue and Lower Originations; The Merrill Contract?

February 18, 2015
Paul Muolo
Analysts who follow the company are keenly aware that the Merrill contract accounts for 29 percent of PHH’s annual production.
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