The coronavirus laid waste to Fannie’s first-quarter profit but those costs were offset by a $637 million gain in the fair market value of its CRT. But not for long.
In addition, Fannie and Freddie have helped reduce face-to-face interactions during the closing process by expanding the use of powers of attorney and remote online notarizations.
In a press briefing early Thursday, company CEO David Brickman noted that the number of forbearance requests have increased “significantly,” adding that he expects the readings to continue to rise.