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Inside The GSEs

April 29, 2011

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FHFA Rolls Out Servicing Alignment Initiative

The Federal Housing Finance Agency announced late this week it has directed Fannie Mae and Freddie Mac to establish consistent mortgage loan servicing and management requirements for loan servicers acting on behalf of the two GSEs. FHFA’s Servicing Alignment Initiative requires... Read More

Agency MBS Remains FHLBanks’ Preference

Fannie Mae and Freddie Mac mortgage-backed securities remained a preferred investment for the Federal Home Loan Banks during the fourth quarter of 2010, though down slightly from the previous quarter, according to a new analysis and ranking by Inside The GSEs based on data from the Federal Housing Finance Agency. Meanwhile, Ginnie Mae securities continued...[Includes one data chart] Read More

New Dems Propose Fannie, Freddie Wind Down

A series of housing finance reform proposals by a faction of House Democrats that calls for winding down Fannie Mae and Freddie Mac, preserving access to affordable mortgage loans and accurately pricing risk. among other things has received... Read More

FHLB Boston Files Suit Over $5.8 Billion in MBS

The Federal Home Loan Bank of Boston said it’s going to court to rescind the purchase of more than 100 mortgage securities for which the bank originally paid nearly $6 billion. FHLB Boston filed a complaint last week in the Department of Business Litigation Session of Suffolk County Superior Court based on the bank’s investments in certain private-label mortgage-backed securities issued by 115 securitization trusts for which the bank paid approximately $5.8 billion. “The Bank is… Read More

MBS Business Still Dragging Down GSEs

Riskier single-family mortgages securitized by Fannie Mae and Freddie Mac in recent years remained a drag on earnings in the fourth quarter of 2010, forcing the two GSEs to go deeper in debt to the federal government. Fannie and Freddie lost... Read More

Fannie, Freddie Market Share Drops in 1Q11

Both Fannie Mae and Freddie Mac retained their ample role in mortgage-backed security market share during the first quarter of 2011, according to a new Inside The GSEs analysis. Both GSEs issued...[Includes one data chart] Read More

Book: Make FHLBanks ‘Wholly Private’

The Federal Home Loan Banks should be transformed into a “wholly private structure” in order to defuse the potential systemic risk of incompatible public and private goals, the same conflict that helped usher the downfall of fellow GSEs Fannie Mae and Freddie Mac, argue... Read More

Fannie, Freddie Clamp Down on Private MIs

Both Fannie Mae and Freddie Mac have put their foot down regarding certain agreements between servicers and mortgage insurers, reminding them in no uncertain terms that any deals that might compromise the mortgage insurance of GSE loans are prohibited. Fannie published... Read More

Fannie Mae Issues Loan Mod Requirements Update

Fannie Mae is tightening its loan modification requirements and calling on servicers to consider a loan modification only when a repayment plan is not appropriate to cure the delinquency. According to Announcement SVC-2011-03, issued April 4, the GSE has updated... Read More

Ryan Plan to Wind Down GSEs ‘Step in the Right Direction’

The proposal pushed by Rep. Paul Ryan (R-WI) to end government support of Fannie Mae and Freddie Mac is a “huge step in the right direction” toward housing recovery, according to a Heritage Foundation senior research fellow. A paper by Heritage’s David John supports... Read More

Nader: ‘Misleading Statements’ About GSEs’ Health Harmed Investors

Consumer advocate Ralph Nader is calling on the Treasury Department’s Inspector General, as well as the Chairmen of the Senate Banking and the House Financial Services Committees to conduct an investigation and hold hearings about “misleading statements” made... Read More

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