GSE Repurchase Activity: Cumulative to Second Quarter 2018

Since 2009, Fannie Mae and Freddie Mac have secured $79.0 billion in repurchases on loans sold into their mortgage-backed securities. Another $66.4 billion in repurchase demands was withdrawn or otherwise kicked to the curb in the same period.

More than 4,500 sellers and originators were party to the government-sponsored enterprises’ demands and 3,700-plus companies—from Countrywide ($9.4 billion) and Bank of America ($5.2 billion) to BankAtlantic ($5,000) and BancBoston Mortage Corp. ($1,000)—made repurchases.

While most of the buybacks have been for loans securitized before 2009, recent vintages have not been immune, with repurchases hitting $1.3 billion for 2011 securities, $1.4 billion for those from 2013 and $32.7 million in the first six months of 2018 for loans securitized in the same year. As a result, sellers have paid out for newer vintages, such as Homebridge Financial Services, which has paid $84.2 million, all for loans securitized in 2012 or more recently. Meanwhile, for other sellers the bulk of their liability has been in pre-crisis vintages. For example, for Pulte Mortgage, which ranks 78th for cumulative repurchase volume, just $7.5 million of its $50.6 million total is related to securities originated in 2012 or more recently.

For most sellers, the picture brightens when it comes to withdrawn demands, which in most cases outstrip those that end in payment.

In a comprehensive data report, GSE Repurchase Activity: Cumulative to Second Quarter 2018, Inside Mortgage Finance looks at the GSE buyback record lender by lender and year by year. In this report, you’ll find details on every lender who has faced a buyback demand from either Fannie or Freddie since 2009. You’ll know how much they paid, and how much of it relates to each vintage of MBS. And you’ll know how much they got Fannie and Freddie to back down on.

The report includes both ranked and alphabetical lists for:

  • Repurchases from the GSEs. In addition to total repurchases, each seller’s detail includes breakouts by MBS issuance year from 2009 to 2018 (through June 30, 2018), plus breakouts for pre-2006 issuances and those made between 2006 and 2008.

  • Withdrawn and Rejected Demands. For each seller, volume of withdrawn or rejected demands is presented for each year from 2009 to 2018 with breakouts for pre-2006 issuances and those made between 2006 and 2008.

  • Pending and Disputed Demands as of June 30, 2018. Seller-by-seller accounting of open demands, specifying how much is open at each GSE. For comparison purposes, volumes open at the end of 1Q18 as well as year end and midyear in each of the three previous years are also presented.

No other resource lays out the agency buyback story so comprehensively and in such detail.

Order today for a complete seller-by-seller picture of buyback history and exposure.

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