Home / News / Secondary Market (page 190)

Secondary Market

Infinity Valuation Services Expands BPO Services

Utah-based Infinity Valuation Services (IVS), a full-service valuation company for commercial and retail properties and the sister company to REO outsourcer Green River Capital, expanded its broker price opinions (BPOs) and appraisal services to include the valuation of retail or non-distressed properties.

Read More »

Fannie Mae to Sell 25% Stake in Foreclosed Apartment Portfolio

Fannie Mae is planning to unload a 25 percent stake in its stock of foreclosed apartment buildings. The buyer - Related Companies, a New York-based firm founded by real estate mogul Stephen Ross, also of Miami Dolphins ownership fame. The deal reportedly also includes an option for Related Cos. to buy an ownership stake in any multifamily properties Fannie forecloses on in the future.

Read More »

GSEs Shooting for Decision on Servicing Fee Structure by Summer

Fannie Mae, Freddie Mac, and their regulator anticipate a decision on revamping mortgage servicers' payment structure by mid-summer, according to the Mortgage Bankers Association (MBA). The trade group, however, is urging the GSEs and federal agency to tread carefully and slowly in undertaking such an endeavor. MBA says the options put forth raise more questions than answers, particularly related to the ""default servicing fee.""

Read More »

International Monetary Fund Voices Concerns With U.S. Housing System

The International Monetary Fund (IMF) has some pretty direct words for the American government and its handling of the U.S. housing crisis. In an annual report that will be released next week, IMF says the origins of the global financial crisis can be found in the U.S. housing finance system. The agency says government participation in the U.S. housing market has been ""pervasive"" but has not yielded the expected benefits to prospective or existing homeowners.

Read More »

Freddie Mac Wins Dismissal of Federal Putative Class Action Lawsuit

A putative class action securities lawsuit filed against Freddie Mac in federal court in August 2008 has been dismissed, according to a statement from the GSE. Judge John Keenan of the U.S. District Court for the Southern District of New York granted Freddie Mac's motion to dismiss all claims brought by two pension funds alleging that the GSE misled shareholders about its exposure to risky mortgage loans.

Read More »

Lawmakers Clash over Means of Implementing GSE Reform

A House subcommittee convened Tuesday to mark-up eight bills aimed at winding down Fannie Mae and Freddie Mac. While lawmakers agree that reform is needed, they were divided on just how to proceed with the medley of individual bills in front of them. Republicans' string of separate bills, which could ultimately tally 24, is a conscious effort to pull in Democratic support on individual reforms. But some are calling the multiple-bill approach for a single-end-goal ""scattered"" and ""without vision.""

Read More »

CMBS Delinquencies Rise, but Trepp Sees Signs of Market Healing

The commercial mortgage research firm Trepp LLC says the delinquency rate for loans held in U.S. commercial mortgage-backed securities (CMBS) edged higher in March, but the agency says it's seeing clear signs that the market is starting to heal. Trepp reports that the percentage of CMBS loans 30-plus days delinquent, in foreclosure, or REO rose 3 basis points last month to 9.42 percent. It's the highest delinquency rate ever recorded by the company, but the smallest month-over-month increase in more than two years.

Read More »

Mortgage Delinquencies Decline for Both Fannie and Freddie

The percentage of single-family mortgage loans counted as seriously delinquent has dropped back for both Fannie Mae and Freddie Mac. According to Fannie Mae's latest monthly status report, the GSE's seriously delinquent rate has declined to 4.45 percent. Freddie Mac's most recent report shows its seriously delinquent rate to have fallen to 3.78 percent. Both companies have posted steady declines for three consecutive months, and they've recently announced changes to their servicing guidelines that could impact the way delinquent loans are handled.

Read More »

Senators Introduce Legislation to End Taxpayer Support of GSEs

Sens. John McCain and Orrin Hatch have introduced legislation to permanently end government support for Fannie Mae and Freddie Mac. The GSE Bailout Elimination and Taxpayer Protection Act, which is the Senate companion version of House legislation introduced in mid-March, seeks to accelerate the timeline for putting Fannie and Freddie on a path toward privatization. It would put an end to the two companies' conservatorship in two years.

Read More »

FHFA Inspector General Evaluates Pay Structure for GSE Execs

In 2009 and 2010, the Federal Housing Finance Agency (FHFA) approved salary packages totaling more than $35 million for executives at Fannie Mae and Freddie Mac. The agency's Office of the Inspector General has released a report detailing the compensation levels of GSE execs for the past two years, noting that the CEOs of Fannie and Freddie together made $17 million during that period. The report points out that although the GSEs have lost billions of dollars and depend on federal support, their senior executives continue to receive multi-million dollar salaries.

Read More »