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Volume 19 - Number 6

March 22, 2019

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GSE Mortgage Buybacks Hit A Record Low Last Year

Mortgage sellers repurchased just $833.7 mil-lion of single-family loans from Fannie Mae and Freddie Mac mortgage-backed securities last year, according to a new Inside the GSEs analysis.

Freddie to Restructure STACR Program as REMIC

Freddie Mac will restructure all future credit-risk transfer offerings through its flagship Structured Agency Credit Risk program as real estate mortgage investment conduits, Kevin Palmer, senior vice president for single-family credit risk transfer, said.

Getting Down to the Finer Details of the Uniform MBS

In early March, just before the Securities Industry and Financial Markets Association voted in favor of allowing the uniform mortgage-backed security for delivery in the to-be-announced market, Fannie Mae and Freddie Mac hosted a conference.

Freddie Refi Report: Shades Of Recession?

There are some worrying trends buried in the tables of Freddie Mac’s quarterly refinance statistics for 2018. This, of course, is just a small slice of the economic pie, but the data have all the hallmarks of another housing bubble.

Investors Drag Dealers of GSE Debt Securities to Court

A class action lawsuit, filed in the U.S. District Court for the Southern District of New York late last month, alleges that several of the dominant dealers in the debt instruments of Fannie Mae and Freddie Mac colluded in a systematic price-fixing scheme between at least January 1, 2009, and April 27, 2014.

Diversity Issues at FHLBank; Minorities Fare Worst

Despite four years of effort by the Federal Housing Finance Agency, members of the Federal Home Loan Bank system have made only marginal improvements in diversity on their boards, according to a report released late last month by the Government Accountability Office.

Trump’s 2020 Budget Meddles with the GSEs

As usual, the Trump administration’s proposed annual budget appears to be dead on arrival. It simply steps on too many legislative toes. Among the issues the budget will face is how Congress reacts to its treatment of Fannie Mae and Freddie Mac.

Senate Committee Calls for Hearings on GSE Reform

The Senate Banking Committee late Tuesday announced it will hold a pair of long rumored hearings next week to discuss the housing-reform outline released last month by Chairman Mike Crapo, R-ID. The hearings, which have been rumored for weeks, are scheduled for March 26 and March 27.

Freddie Selects David Brickman as CEO

Freddie Mac announced Thursday that current President David Brickman will get the nod to head the GSE. He will also take a seat on the board of directors. Donald Layton, the current CEO, will retire in July, as planned.

Appeals Court Sides with CitiMortgage

A panel of the 8th Circuit Court of Appeals, in a ruling filed earlier this month, found that a reseller of mortgage loans could demand that an originator repurchase defective loans, even though the contract between the two companies did not prescribe a specific timeframe within which the originator must cure any defects. The decision reversed a lower court’s ruling.

GSE Roundup

Fannie Gets New Board Members; Freddie Announces $1.4 Billion K-Deal; Fannie Names New General Counsel.

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