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Home | News | Secondary Market

New York Fed Says Path for GSE Reform ‘Does Not Look Promising’

Fannie-Freddie-logos

With GSE reform a hot topic among government officials and those in the housing industry, the Federal Reserve Bank of New York has issued a report stating that the "path forward for reform of Fannie Mae and Freddie Mac does not look promising" and that failure to wind down the GSEs equated to a "colossal missed opportunity" to put U.S. residential housing finance on more stable footing.

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Shift from Bank to Nonbank Lending Causing Rise in Default Risk for Agency-Backed Loans

Default Notice

The across-the-board increases in default risk can be attributed to the risk associated with nonbank lending, which is substantially higher than that of big bank loans, according to AEI. The composite NRMI was reported to be 11.93 percent in February, a slight increase of 0.1 percentage points from the prior three-month average and a jump of 0.8 percentage points year-over-year. The composite index just hit a series high of 11.94 percent in January.

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Freddie Mac’s Total Mortgage Portfolio Expands While Delinquency Rate Continues to Fall

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Freddie Mac's total mortgage portfolio increased at an annualized rate of 2.8 percent in February, marking the fifth time the portfolio has expanded in the last six months, while the serious delinquency rate for the Enterprise's single-family residential loans continued its steady decline, according to Freddie Mac's February 2015 Monthly Volume Summary released Tuesday.

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Ocwen Announces $25 Billion MSR Sale to Nationstar

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This will be the second time in as many months that Ocwen has announced an MSR sale on an Agency portfolio of residential loans to Dallas, Texas-based Nationstar. In February, Ocwen announced its intention to sell the MSR on a portfolio of about 81,000 performing residential loans owned by Freddie Mac with a UPB of about $9.8 billion to Nationstar.

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Ocwen Refutes RMBS Investors’ Claims in Letter to Trustees

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In February, an independent study found many of Ocwen’s servicing business was "effective," according to the letter. The research, conducted by Morgan Stanley’s RMBS strategy team, stated, "Whether a borrower first went delinquent while being serviced by Ocwen, or fell delinquent and was then transferred to Ocwen, we find that these borrowers are more likely to be in their homes today than if the MSRs were held elsewhere."

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Report: Freddie Mac to Sell $1 Billion Worth of Non-Performing Mortgage Loans

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Freddie Mac's conservator, the Federal Housing Finance Agency (FHFA), is requiring Freddie Mac and its fellow GSE, Fannie Mae, to reduce the number of non-performing residential loans in their portfolios. This will be Freddie Mac's third sale of nonperforming loans since last summer. In August, the Enterprise sold a bundle of NPLs totaling $596 million and one in February that covered $392 in UPB. Sales of NPLs by the two Enterprises generally include loans that are seriously delinquent, which are those that are 90 days or more past due.

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