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Inside The GSEs

July 9, 2008

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News In Brief

IndyMac’s FHLB Advances Have Likely Peaked Already: The FHLBank of San Francisco has probably seen its advance business with IndyMac... Bank of America Set to Shake Up GSE, FHLBank Advance Markets: The Bank of America takeover of Countrywide Financial closed last week... New Study to Analyze Pros, Cons Of Doing Business with FNM, FRE: Inside Mortgage Finance Publications, the publisher of Inside The... Read More

FHLBank Debt Issuance More Than Double ’07 Level

Federal Home Loan Bank debt issuance set a fourth consecutive quarterly record in the second quarter of this year, reaching $678.3 billion, up a whopping 132.6 percent over the half-year mark a year ago, according to the latest monthly analysis by Inside The GSEs of data provided by the FHLBank Office of Finance. The FHLBank System started experiencing its record issuance... [Includes one chart] Read More

FHLBank MPF Program Makes Some Enhancements

The Federal Home Loan Bank Mortgage Partnership Finance Program last week announced some enhancements to its origination, underwriting and servicing guides, a few weeks after its primary sponsor, the FHLBank of Chicago, announced that its members can still sell mortgages under the program through Oct. 31. The new enhancements relate to premium options for borrower-paid mortgage insurance, a... Read More

Court Sides With FRE in Dispute Over Exclusionary List

The U.S. Court of Appeals for the 9th Circuit has affirmed a trial court decision in favor of Freddie Mac for placing a mortgage broker on its “exclusionary list.” In Family Home and Finance Center, Inc. v. Federal Home Loan Mortgage Corp., the appeals court rejected the broker’s claim for intentional interference with contract because it failed to prove that Freddie... Read More

Once Frank is Satisfied, GSE Reform Will Get Done

Many in the mortgage industry are convinced that, when the dust on Capitol Hill clears, a GSE reform package that President George Bush can sign will be done, and probably by the August recess. That’s assuming Rep. Barney Frank, D-MA, chairman of the House Financial Services Committee, is included in the discussion loop and his concerns, and those of his colleagues on the committee, are... Read More

GSE MBS Production Keeps Growing

Fannie Mae and Freddie Mac continued to account for the lion’s share of new mortgage securities production during the second quarter, but the GSE juggernaut may be slowing down. Fannie and Freddie generated $301.54 billion of single-family mortgage-backed securities during the second quarter, up 5.3 percent from the first three months of the year. Production volume... [Includes one chart] Read More

Fannie Consumer Lending Has OFHEO, HUD Approval

Following up on its earlier indications, Fannie Mae launched a new HomeSaver Advance program, a loss mitigation initiative that provides unsecured consumer loans funded by the GSE. “We have reviewed the HomeSaver Advance program. Our review included their accounting for the new unsecured loans and the existing mortgages,” said James Lockhart, director of the Office of... Read More

IndyMac Highlights Advance Collateral Issue

Members of the Federal Home Loan Bank System are facing closer scrutiny of the quality of the collateral they pledge to support their use of FHLBank advances. However, it’s unlikely the Federal Housing Finance Board will take any further steps in terms of formal policy issuance or rulemaking, beyond last year’s requirement that the Banks conform to the joint guidelines on nontraditional... Read More

FASB Could Compel $75 Billion Capital Raise

Fannie Mae and Freddie Mac saw sharp declines in their stock prices early this week in response to a report that the GSEs could be forced to raise an additional $75 billion in combined capital because of changing accounting rules. The Financial Accounting Standards Board recently decided to speed up its review of some changes to a pair of accounting standards, FAS 140 and FIN 46R... Read More

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