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Inside The GSEs

August 4, 2023

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Deliveries to the GSEs Decline in July

GSE MBS issuance involving purchase mortgages (and refis) crested in June. Issuance volume declined by 10.4% on a monthly basis in July, though activity at the lender level was far from uniform. (Includes two data charts.) Read More

GSE Profits Spike in 2Q; Capital Remains Low

Rising home prices allowed Fannie and Freddie to drive up second-quarter profits by reducing their loan loss allowances. (Includes data chart.) Read More

Slower Transition Urged for Credit Score Changes

Industry groups, even those that support FHFA’s plan to revamp how credit scores work in the mortgage space, urge the agency to take more time with implementation. Read More

Proposed Bank Capital Rule and the GSEs

The controversial proposed capital rule for large banks sets a 75% loss given default rate for GSE debt issued but not guaranteed by the GSEs. For the debt guaranteed by the GSEs, the LGD rate will be 25%. Read More

GSEs Tweak Seller Guides on Tax Liens, Appraisals

Freddie set new standards for borrowers facing tax liens. And the GSEs implemented changes to appraiser independence requirements. Read More

Freddie Improves Income Assessment for Self-Employed Borrowers

A new capability in Loan Product Advisor’s asset and income modeler allows lenders to directly access a borrower’s Schedule C income via IRS tax transcripts. Read More

Fitch Downgrade of GSE Debt Follows Lower Rating for U.S.

The downgrade by Fitch Ratings is mostly symbolic and not expected to impact debt issuance by Fannie Mae or Freddie Mac. Read More

Thompson Comes Down on Side of Renters

FHFA joined the rest of the Biden administration in a government-wide effort to keep renters in their homes, but some stakeholders say one-size-fits-all solutions won’t work. Read More

Fannie Updates Earlier Stress Test Results

Errors in the model Fannie uses to calculate income during a stress test led the enterprise to underestimate profits in both its 2021 and 2022 stress tests. Read More

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