Dennis Hollier

Calabria Says Dilution of Commons is Inevitable

March 5, 2020

If Treasury converts its senior preferred shares to commons and the GSEs go for a public offering, existing shareholders will take a haircut. Valuations on the commons could dip to $1/share for Fannie and $2 for Freddie.

A Windfall for GSE Shareholders? Don’t Bet On It

March 5, 2020

Dennis Hollier

Is there any hope for GSE common?

Short Takes: Biden, Fannie and Freddie / When a Socialist Gets Money to Spend / A 224% Spike in Refis / What Wells is Doing / A Big (but Expected) Promotion at Freddie

March 4, 2020

Dennis Hollier and Paul Muolo

Wells Fargo: “Like everyone, we are seeing an increase in mortgage application volume driven by lower rates. In order to help provide the best possible service to our customers, we continue to hire underwriters, processors and closers..."

Fannie, Freddie and CECL? Yawn…

March 4, 2020

Dennis Hollier

Many analysts anticipated that the implementation of CECL would balloon the loan loss reserves of the GSEs...

GSEs Seek Applications for New Credit Score Models (Bring Cash)

March 2, 2020

Dennis Hollier

Would-be competitors for Fair, Isaac and Company, which owns the FICO models, are going to have to shell out a $200,000 application fee.

FHLB ‘Plan’ to Buy Freddie Could Work

February 28, 2020

Dennis Hollier

Lawrence Parks, a former FHLB-SF executive, believes an FHLB plan to buy Freddie seems as plausible as other ideas that pass for GSE reform.

GSEs Seek New Credit Score Models

February 28, 2020

Dennis Hollier

Companies will have to shell out $200,000 in application fees for every credit score model they think can compete with the FICO template.

FHLBank Earnings Surge in 4Q19, Off for the Year

February 28, 2020

Dennis Hollier

The FHLBank System’s net income was off 10.4% for the full year despite a 29.5% spike in the fourth quarter. The bulk of that decline was due to lower net interest income, which dropped 10.9% in 2019. (Includes data chart.)