In early March, just before the Securities Industry and Financial Markets Association voted in favor of allowing the uniform mortgage-backed security for delivery in the to-be-announced market, Fannie Mae and Freddie Mac hosted a conference.
Freddie Mac will restructure all future credit-risk transfer offerings through its flagship Structured Agency Credit Risk program as real estate mortgage investment conduits, Kevin Palmer, senior vice president for single-family credit risk transfer, said.
Mortgage sellers repurchased just $833.7 mil-lion of single-family loans from Fannie Mae and Freddie Mac mortgage-backed securities last year, according to a new Inside the GSEs analysis. [Includes one data chart.]
To paraphrase Mark Twain: Rumors of HARP’s death have been greatly exaggerated. At least that’s the finding of a recent report by structured finance analysts at Bank of America Merrill Lynch who looked the impact similar programs will have on the GSEs’ credit-risk transfer programs.
Despite a slow fourth quarter, 2018 turned out to be the most profitable year since 2013 for Fannie Mae and Freddie Mac. And, although only a fraction of the size of the GSEs’ single-family business, multifamily remained a bright spot. [Includes one data chart.]