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Inside The GSEs

November 23, 2018

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GSE Purchase Market Lost Steam in October, Credit Eased in 3Q18

Single-family mortgage business slowed predictably at Fannie Mae and Freddie Mac last month, although there was surprising resilience in the refinance market. [Includes two data charts.] Read More

Biting Comments on FHFA’s Proposed Rule on UMBS

The Federal Housing Finance Agency and the government-sponsored enterprises say they’re on track for the June launch of the single security, but industry groups still have several concerns about the pending seismic shift in how Fannie Mae and Freddie Mac issue single-family mortgage-backed securities. Read More

Still Some Loose Ends as SSI Project Nears the Finish Line

With the final rollout scheduled for June, FHFA, the GSEs, and Common Securitization Solutions are scrambling to make sure participants in the to-be-announced MBS market are ready for the big changes ahead. Read More

Conservative Economist May Be Trump’s Pick to Head the FHFA

Increasingly, it looks as though Mark Calabria, chief economist to Vice President Mike Pence, is the leading candidate to head the Federal Housing Finance Agency once Mel Watt’s term expires in January. Read More

GSEs Favor FHFA’s Bifurcated Alternative Capital Plan

Fannie Mae and Freddie Mac say they support the Federal Housing Finance Agency’s proposal to include a leverage ratio on their future capital requirements. Read More

Moelis Proposes Starting GSE Recapitalization Before Reform

Moelis & Co. last week released an updated version of its “Blueprint for Restoring Safety and Soundness to the GSEs” that calls for recapitalizing Fannie Mae and Freddie Mac immediately. Read More

Federal Home Loan Banks Join the SOFR Bandwagon to Replace LIBOR

The Federal Home Loan Bank System last week sold $4.0 billion in bonds with rates tied to the Secured Overnight Financing Rate. SOFR is the designated heir to the soon-to-be-retired London Interbank Offered Rate. Read More

New FASB Rules May Require Boost in GSE Loan-Loss Reserves

Fannie Mae’s and Freddie Mac’s loan-loss reserves could be substantially impacted by a new accounting standard that requires companies to immediately book potential losses. Read More

New GSE Servicer Guidelines for Short Sales and Deeds-in-Lieu

At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac have simplified policies on short sales and deed-in-lieu of foreclosures. The new policies are intended to mitigate losses for the government-sponsored enterprises and servicers by spelling out when servicers can consider borrowers for these actions and what documentation is necessary. Read More

Freddie Expands Sweat Equity Option in Home Possible

It’s now possible for homebuyers to use sweat equity to pay their entire downpayment and all closing costs as Freddie Mac has expanded the parameters of its Home Possible mortgage. Read More

GSE Roundup

Fannie Mae and Freddie Mac extended disaster relief provisions to areas in California that have been ravaged by wildfires and declared major disaster areas by President Trump. Read More

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