In a statement, JPM CEO Jamie Dimon – no big fan of the mortgage industry – said he is “pleased” his company was selected as Freddie’s underwriting advisor.
But the first quarter was just a prelude to the crescendo of refinance activity in April and May. A whopping $323.4 billion of refi loans were securitized by the GSEs and Ginnie during the past two months...
Black Knight estimates that based on its reading of May 26, MBS servicers need to advance $3.6 billion a month to investors in government MBS on forborne loans and an additional $1.5 billion for real estate taxes and insurance.
Originally grubstaked by Wall Street and once the recipient of a large loan from Fannie Mae, the REIT saw the average occupancy rate of its SF units increase to a record-high 97.5%...