The bulk of Fannie Mae’s and Freddie Mac’s prevention actions were aimed at home retention, with 20,370 loans modified, repayment plans negotiated on 5,965 delinquent loans and 3,328 units receiving some sort of forbearance.
A new report allays concerns that a recent request for input from the regulator regarding pooling practices was an indication that something was amiss.
California remains the mother lode for Fannie Mae and Freddie Mac. In the first six months of 2019, the GSEs purchased $58.1 billion in loans from the Golden State.
Both GSEs posted their highest monthly volume of single-family MBS issuance since January 2017. Purchase-mortgage and refinance business rose significantly.
The GSEs continue to offload delinquent loans in their mortgage portfolios, bringing the tally of loans sold since 2014 to 117,466 with an unpaid balance of more than $22 billion. Page 9.
Seller repurchases of defective loans dropped to the second-lowest total on record, but Freddie repurchases remained significantly higher than Fannie's. The volume of unresolved claims was up from the fourth quarter.
Fannie's MBS issuance was up significantly from April to May while Freddie posted a smaller monthly gain. Purchase mortgages and refinancing both rose substantially.
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