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Inside The GSEs

December 18, 2020

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Nonbanks Expand Footprint in GSE Sales and Servicing

Nonbank sellers accounted for 63.9% of single-family mortgages pooled in Fannie and Freddie MBS during the first 11 months of 2020, raising their share of the GSE market by nearly 10 percentage points. (Includes two data charts.) Read More

Mnuchin Hints at No Consent Orders to End Conservatorship

Treasury Secretary Steven Mnuchin said he is “not going to do anything that jeopardizes taxpayers.” But his real concerns? How to adequately capitalize Fannie and Freddie first. Read More

GSEs Could Face Stricter Liquidity and Funding Requirements

The FHFA wants the GSEs to hold liquid assets to cover 30 days of anticipated cash outflows, plus a $10 billion buffer. That’s similar to the liquidity coverage ratio employed by bank regulators. Read More

GSE Watchers Dissect Oral Arguments in Net Sweep Case

Justice Breyer characterized the net worth sweep as the nationalization of the GSEs. The government and the court-appointed amicus curiae disagreed, describing it as a simple renegotiation of a contract. Read More

FHFA Leaves GSE Housing Goals Unchanged for 2021

The GSEs have consistently exceeded their affordable housing goals. Is it time to raise them? Read More

Fannie Gets Control Over a String of Senior Communities

Capital Senior Living posted a $215 million loss in the third quarter, most of which it attributed to the transfer of 18 facilities to Fannie Mae. Read More

Loopholes in Forbearance and Deferral Programs

Section 4022, which covers forbearance under the CARES Act, does not include an explicit end date. According to the CSBS, this has led many to assume it ends on Dec. 31. The truth is less certain. Read More

CFPB Finalizes QM Rules; Merry Christmas!

Going forward, mortgages will qualify for the QM safe harbor if the annual percentage rate on the loan doesn’t exceed the average prime offer rate by more than 150 bps. Read More

CSS Picks Susan Gueli as CTO

The former Nationwide CTO will manage the Common Securitization Platform. Read More

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