GSE Repurchase Activity: Cumulative to Fourth Quarter 2018 Print Edition with Shipping Outside of U.S.
Since 2009, Fannie Mae and Freddie Mac have secured $79.4 billion in repurchases on loans sold into their mortgage-backed securities. Another $67.3 billion in repurchase demands was withdrawn or otherwise kicked to the curb in the same period.
More than 4,500 sellers and originators were party to the government-sponsored enterprises’ demands and 3,700-plus companies — from Countrywide ($9.4 billion) and Bank of America ($5.2 billion) to BankAtlantic ($5,000) and BancBoston Mortage Corp. ($1,000) — made repurchases.
While the bulk of buyback activity has been for loans securitized before 2009, newer sellers have paid out for newer vintages, too: Caliber Home Loans has paid $63.228 million and loanDepot has paid $62.491 million, all for loans securitized in 2012 or more recently. And for other sellers the bulk — if not all — of their liability has been in pre-crisis vintages. For example, Provident Bank, which ranks 57th for cumulative repurchase volume, has not made a payout for any loans securitized in the past nine years.
For most sellers, the picture brightens when it comes to withdrawn demands, which in most cases outstrip those that end in payment.
In a comprehensive data report, GSE Repurchase Activity: Cumulative to Fourth Quarter 2018, Inside Mortgage Finance looks at the GSE buyback record lender by lender and year by year. In this report, you’ll find details on every lender who has faced a buyback demand from either Fannie or Freddie since 2009. You’ll know how much they paid, and how much of it relates to each vintage of MBS. And you’ll know how much they got Fannie and Freddie to back down on.
The report includes both ranked and alphabetical lists for:
Repurchases from the GSEs. In addition to total repurchases, each seller’s detail includes breakouts by MBS issuance year from 2009 to 2018, plus breakouts for pre-2006 issuances and those made between 2006 and 2008.
Withdrawn and Rejected Demands. For each seller, volume of withdrawn or rejected demands is presented for each year from 2009 to 2018 with additional breakouts for pre-2006 issuances and those made between 2006 and 2008.
Pending and Disputed Demands as of Dec. 31, 2018. Seller-by-seller accounting of open demands, specifying how much is open at each GSE. For comparison purposes, volumes open at the ends of the last four quarters, as well as year end in each of the three previous years, are also provided.
No other resource lays out the agency buyback story so comprehensively and in such detail.