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Inside The GSEs

February 8, 2019

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GSE Single-Family MBS Issuance Off to a Slow Start

Fannie Mae and Freddie Mac issued a combined total of just $51.86 billion of single-family mortgage-backed securities in January, their lowest monthly production since February 2016. [Includes two data charts.] Read More

Crapo Says Privatize Fannie, Freddie; Strengthen Ginnie

Sen. Mike Crapo, chairman of the powerful Senate Banking Committee, stirred the GSE pot last week by issuing his outline on how to restructure the nation’s housing-finance system. While short on details, the blueprint appears to contain a little something for everyone. That just might make it a good starting point for bipartisan negotiations on legislative reform. Read More

Calabria FHFA Nomination Hearing Set for Feb. 14

Mark Calabria, the White House nominee to be the next permanent director of the Federal Housing Finance Agency, will get a hearing before the Senate Banking Committee on Thursday, Feb. 14. The SBC released the hearing schedule for Calabria and other nominees late Thursday. Read More

Is Otting’s Appointment at FHFA Illegal?

In a joint letter sent late last month, Maxine Waters, D-CA, chairwoman of the House Financial Services Committee, and Sherrod Brown, D-OH, ranking member of the Senate Banking Committee, raised serious questions about the legitimacy of Joseph Otting’s recent designation as acting director of the Federal Housing Finance Agency. Read More

Investors Unite Revels in Collins v. Mnuchin Ruling

Investors Unite, a group of Fannie Mae and Freddie Mac shareholders seeking to reverse the so-called net profit sweep — the mechanism by which the Federal Housing Finance Agency sends all GSE profits to the Treasury as dividends — held a sort of figurative rally last week to celebrate a recent string of legal victories. Read More

Redwood to Partner in Freddie Whole-Loan Fund

Redwood Trust last week announced that it would invest as much as $78 million in a partnership seeking to acquire up to $1 billion in floating rate light-renovation whole loans from Freddie Mac. The California-based real estate investment trust says it has already funded the partnership to the tune of $20 million. Read More

Trump Political Operative Named FHFA Chief of Staff

The White House last week named John Roscoe as the Federal Housing Finance Agency’s chief of staff, effective Feb. 4. Read More

Will the Fed Continue Run Off of Agency MBS?

After a year and a half of following its carefully scripted plan to normalize its balance sheet and return to good, old-fashioned monetary policy, the Federal Reserve muddied the waters at last week’s meeting of the Federal Open Markets Committee. Read More

Sara Mathew to Chair Freddie Mac Board

Freddie Mac last week announced that Sara Mathew has been elected non-executive chair of the company’s board of directors. Mathew, who currently chairs the board’s audit committee, will replace Christopher Lynch, who’s term-limited out after 10 years on the board, six of them as chair. Read More

Freddie’s LIHTC Comes to Puerto Rico

Freddie Mac announced late last month that it had closed a deal with RBC Capital Markets to create a $180 million low-income housing tax credit fund. The fund, Freddie’s fourth LIHTC deal since re-entering the market last year after a decade’s absence, has already made several investments. Read More

Fannie Increases Multifamily Small Loan Limit

Fannie Mae stepped up its efforts to increase the supply of affordable housing, announcing earlier this week that it was increasing the loan limit for multifamily small mortgage loans from $3 million to $6 million. Read More

Freddie Closes Largest SBL Portfolio Deal

California-based Sabal Capital Partners, one of the earliest partners in Freddie Mac’s Small Balance Loan Program, broke a record this month when it sold the enterprise a portfolio of 39 small-balance loans worth $189 million. All the underlying properties are in East Harlem. Read More

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