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Volume 19 - Number 1

January 11, 2019

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GSE Market Shifts Toward Large Banks in Late 2018

Single-family mortgage business at Fannie Mae and Freddie Mac slumped in the fourth quarter of 2018 as purchase-mortgage activity faded, according to a new Inside The GSEs analysis of mortgage-backed securities disclosures. [Includes two data charts.]

Waters to Shield Taxpayers from Costs of Housing Crisis

Rep. Maxine Waters, the first woman and first African-American to chair the House Financial Services Committee, comes to power in a particularly partisan climate. The Democrat from California officially took the gavel on Jan. 3, when the 116th Congress convened.

SIFMA Still Doubtful of Uniform MBS Rollout

The Securities Industry and Financial Markets Association held a meeting last month to discuss the rollout of the uniform mortgage-backed security.

FHFA Modifies FHLB Capital Requirements

The Federal Housing Finance Agency last week announced revisions to its final rules pertaining to capital requirements for Federal Home Loan Banks.

GSE Policies for Selling, Servicing During Shutdown

At 21 days, the current government shutdown ties for the longest on record, and its impact on the GSEs and housing finance remains fluid.

Freddie Unveils New Vehicle for Credit Risk Transfer

Freddie Mac last week announced the creation of its latest vehicle for credit risk transfer — the Multifamily Credit Insurance Pool.

Freddie Commits to First Non-LIHTC Forwards

Merchant Capital, an affordable housing lender based in Carmel, IN, announced in late December that it used Freddie Mac’s first official non-LIHTC forward commitment to secure financing for a $19.7 million workforce housing development in Rochester, MN.

Single-Family Homes Dominate Rental Market

Last August, Fannie Mae and Freddie Mac said they were ending their pilot programs in the single-family rental market after the Federal Housing Finance Agency determined that the market could get along just fine without the GSEs’ help. But that didn’t stop Freddie from issuing a whitepaper last month that takes a deep dive into the rapidly changing world of SFR.

Fannie Revises Foreclosure Time Frames, Fees

Fannie Mae has revised the maximum number of allowable days for routine foreclosure proceedings in 20 jurisdictions. For servicers in 16 states plus New York City, the number of days has been increased, while in three states the permitted time frame has been decreased.

IBM Sells Loan Servicing Arm Seterus to Mr. Cooper

The country’s fourth-largest subservicer, Mr. Cooper, will purchase IBM’s mortgage servicing subsidiary Seterus. The deal, expected to close in the first quarter of 2019, will give Mr. Cooper servicing rights to $24 billion in GSE mortgages as well as subservicing contracts for another $24 billion in loans. In addition, Mr. Cooper will acquire Seterus’ mortgage servicing platform.

Otting Takes Charge at FHFA

Comptroller of the Currency Joseph Otting early this week became the second member of the Trump administration to simultaneously run two federal agencies when he took charge as acting director of the Federal Housing Finance Agency.

China Oceanwide’s Buy of Genworth Gets Final Nod

The slow-motion acquisition of mortgage insurance giant Genworth Financial by real estate and insurance conglomerate China Oceanwide got a significant nudge forward, when the Delaware insurance commissioner last month gave its final approval for the purchase.

Haywood Resigns from Fannie Mae Board

George W. Haywood, a successful private investor and friend of former President Obama, stepped down from the board of Fannie Mae last month.

GSE Patch Bolsters Market Share for Fannie/ Freddie

In a report released late Thursday, the Consumer Financial Protection Bureau mulled over the future of the so-called “GSE patch,” which exempts qualified mortgages at Fannie Mae and Freddie Mac from the CFPB rules limiting debt-to-income ratios to 43 percent.


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