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Inside The GSEs

August 4, 2010

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GSE Reform: The Compromises to Come

One point of consensus among a number of long-time industry representatives and GSE observers is that whatever should be done conceptually with Fannie Mae, Freddie Mac and the rest of the nation’s mortgage finance system will struggle against what can be done politically, given the diverse and at times competing and conflicting interest groups and stakeholders involved... Read More

FHLBank Earnings Plunge in Second Quarter

The Federal Home Loan Bank Office of Finance announced late last week that preliminary combined net income for the FHLBanks fell 71 percent to $326.00 million in the second quarter, down from an unusually high $1.12 billion during the same period a year ago, an exceptional level of earnings mostly driven by high net gains on derivatives and...[Includes one chart] Read More

GSE Foreclosure Starts Hit All-Time High, LPS Says

Loss mitigation activity by Fannie Mae and Freddie Mac may have taken off in the first quarter, but foreclosure starts for mortgages owned by the two GSEs have reached an all-time high, according to the latest analysis by Lender Processing Services Inc. “The largest percentage of GSE foreclosure starts are coming from loans that are six or more months... Read More

Lawmakers Mull Compromise as PACE Issue Spreads

A dispute between California Attorney General Jerry Brown, on the one hand, and Fannie Mae, Freddie Mac, the Federal Housing Finance Agency and much of the rest of the mortgage industry, on the other, is garnering more attention and generating more concern inside the Beltway. Up on Capitol Hill, sources indicate that some members of the House of Representatives are working... Read More

FHFA Faces Decision Regarding GSEs and Angelo

The Federal Housing Finance Agency has been asked to decide by Aug. 4 if it will pursue an investigation into allegations that more than 100 employees at Fannie Mae, including some top executives, accepted sweetheart deals on mortgage loans from Countrywide in exchange for discounted guarantee fees. Rep. Darrell Issa, R-CA, the ranking member of the... Read More

FHLBanks Says GSE Reform Should Resemble Them

The Federal Home Loan Banks took the opportunity presented by the Obama administration’s solicitation of public comments on the future of mortgage financing in the United States to pitch themselves and the FHLB model of a GSE as an example worth emulating. “The recent liquidity crisis illustrated the importance of the FHLBanks and the manner in which... Read More

Freddie Picks Up Some Production Share from Fannie

It’s no surprise that Fannie Mae and Freddie Mac continued to dominate the U.S. mortgage finance market in the first half of the year. But Fannie’s younger sibling, Freddie, has quietly picked up share from the first-born in all but six of the markets in the 50 states, the District of Columbia and three U.S. territories tracked in the latest... [Includes one chart] Read More

News In Brief

Ethics Charges Against Rep. Waters Stem From Collapse in GSE Stocks... Kanjorski Announces a GSE Hearing this Fall – With a Warning... Dodd, Shelby Press Obama For Permanent FHFA Director... Covered Bonds Passes Out of Committee, Heads to House Floor... Linick Passes Senate Banking... Read More

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