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Loss Mitigation

Fannie Mae Announces Reperforming Loan Sale Winner

Fannie Mae announced the results of its second reporforming loan sale transaction. The deal was previously announced on March 14, and consisted of 7,600 loans totaling $1.65 billion in unpaid principal balance (UPB). All four loan pool were won by DLJ Mortgage Capital, Inc., and the transaction is expected to close on May 25.

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FHFA Reports Drops In Refinances

According to a report from the Federal Housing Finance Agency, total Refinance volume has dropped as mortgage rates have risen. In February 2017, borrowers completed 4,198 refinances through HARP, and since HARP’s inception in 2009, the program has made 3,456,422 refinances. HARP represented three percent of total refinance volume, and six percent of loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

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Supreme Court Judge Refuses To Reopen Credit Suisse Suit

A New York State judge refused to reopen a dismissed lawsuit against a Credit Suisse AG unit, Law360 reports. New York Supreme Court Judge Eileen Bransten previously dismissed the case involving $1 billion in losses from faulty residential mortgage-backed securities (RMBS), but new RMBS claims were not enough for U.S. Bank NA, a trustee for some RMBS pools, reopen the suit.

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Kashkari Responds to JPMorgan Chase CEO

JPMorgan Chase CEO Jamie Dimon stated in a letter to shareholders that the issue of “too big to fail” is solved. However, Minneapolis Federal reserve President Neel Kashkari disagrees. In an interview with Adam Shapiro on Fox Business that Too Big to Fail has not been solved, and is in fact worse.

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Freddie Mac Prices Structured Agency Credit Risk

On Wednesday, Freddie Mac priced a $1.32 billion Structured Agency Credit Risk (STACR), its largest STACR to date. Freddie Mac transfers a large portion of its mortgage credit risk on some groups of loans to private investors through STACR.

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First American Executive Awarded as ‘Valuation Visionary’

The Valuation Visionary award recognizes a standout collateral valuation professional every year who has demonstrated outstanding leadership, innovation and professionalism. Winners are nominated by their peers within the Collateral Risk Network. The recipient will be awarded at the Valuation Expo East on March 20, 2017, in Orlando, Florida.

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Essent Guaranty Welcomes New Executive

The new VP and National Account Manager will be responsible for driving business development and delivering private mortgage insurance solutions for clients.

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GSEs Hit Loan Modification Milestone

Both Fannie Mae and Freddie Mac say they have made foreclosure prevention, specifically keeping families in their homes, a priority since the foreclosure crisis peaked six to seven years ago.

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