A new 50-basis-point fee on GSE refis caught the mortgage industry off guard this week. A big deal or much ado about nothing? Either way, lenders are not happy.
Fannie so far has issued $122.23 billion in long-term notes in 2020. That’s almost six times more than in 2019 and more than it issued the past three years combined.
The HOPE Act seeks to create a liquidity facility for commercial MBS borrowers who weren’t eligible for PPP or MSLP. The bill suggests financial institutions originate Treasury-guaranteed preferred equity instruments to qualified borrowers.
In the first half of 2020, Freddie priced 28 deals totaling $20.73 billion. So far in the third quarter, it has already brought 10 and has 13 transactions on its calendar through September.
Bolstered by recent successful offerings, Freddie Mac has four more STACR deals on its calendar for the year, each with its own companion ACIS transaction.
Apartment dwellers must be given the “flexibility” to repay back rent over time. However, the new guidance shouldn’t be interpreted by tenants as a get-out-of-jail-free card. As FHFA Director Mark Calabria put it: “If tenants are able to pay their rent, they should continue to do so.”