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Inside The GSEs

July 31, 2020

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GSEs Post Strong 2Q20 Earnings, Despite CECL, Pandemic

The improved financial performance of the GSEs largely reflects the impact of CECL. The provisions for losses that would have been made in 2Q20 under the old accounting standard were already accounted for by CECL, which was adopted in December. (Includes data chart.) Read More

Refi Avalanche Overshadows 2020 Gain in Purchase Loans

Fannie Mae saw bigger gains in both refinance and purchase mortgages during the first half of 2020. (Includes two data charts.) Read More

Are GSE Fees on Early Forbearance Loans Misguided?

Urban Institute researchers estimate the 7% fee the GSEs charge to purchase loans that have gone into forbearance after closing squeezes 255,000 creditworthy borrowers out of the market. Read More

House Dems Ask Calabria to Pause New GSE Capital Rule

Democratic lawmakers said the re-proposed capital rule could adversely affect access to credit for borrowers of color and lower income individuals. Also, they said quickly recapitalizing the GSEs in the midst of a public health crisis might interfere with the nation’s economic recovery. Read More

FHFA Proposes Retaining Existing Housing Goals for GSEs

Pointing to unemployment rates that reached 14.7% in April, and a 7.3% decline in consumer expenditures in March, FHFA is simply acknowledging the obvious: The U.S. economy has entered a recession of unprecedented depth and unknown duration. Read More

Layton Says FHLBs Should Not Allow New Entrants

Although the FHLBanks market themselves as local lenders, this image doesn’t match their operations. Ten of the nation’s largest commercial banks account for about 30% of FHLBank advances. Read More

Fed Says QE4 Is Working

When panic first set in over the economic impact of COVID-19, investors sold off historically large volumes of MBS and Treasuries. As a result, liquidity and pricing efficiency both took a beating. It was the Fed’s gluttonous appetite for these securities that brought markets off the cliff. Read More

Freddie Prices Multiple Multifamily Deals

K-deals totaling more than $2 billion hit market. Read More

Fannie Mae Markets Reperforming Loans

GSEs continue to wind down of their retained-mortgage portfolios. Read More

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