The government-sponsored enterprises plan to use a modified version of the Secured Overnight Financing Rate as an alternative to the London Inter-Bank Offering Rate for new originations of adjustable-rate mortgages.
Even as FHFA replaces its current ARM index with one created by Freddie Mac, Freddie and Fannie endorse a new SOFR index touted by the Fed as a replacement for LIBOR.
Director Mark Calabria’s decision to reverse former acting Director Joseph Otting’s reversal of a Mel Watt-era decision to defend the constitutionality of the FHFA structure catches GSE observers by surprise.
The indictment of apartment mogul Robert Morgan and several of his associates may have accelerated the prepayment speeds of dozens of Fannie’s and Freddie’s multifamily MBS.
U.S. Bank sues Bank of America over defective loans originated by First Franklin and sold into a securitization pool by several Merrill Lynch subsidiaries.