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Secondary Market

New Bill to Recapitalize Fannie Mae and Freddie Mac is Introduced

As Fannie Mae and Freddie Mac celebrate their seven-year anniversary of conservatorship, new legislation is being drafted in the U.S. House of Representatives that will allow them to establish more capital and prevent another taxpayer-sponsored bailout.

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Conservatorship Continues Seven Years Later With No End In Sight

While many housing stakeholders and lawmakers agree that the conservatorship needs to end, the issue of the GSEs' future remains a source of contention. Some of the GSEs' biggest investors, such as Fairholme Funds and Pershing Square, have filed lawsuits over the sweeping of GSE profits into Treasury, which began in 2012 when Fannie Mae and Freddie Mac returned to profitability.

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Nomura’s Penalty in Mortgage-Backed Securities Lawsuit Increased to $839 Million

Nomura Holdings and the Royal Bank of Scotland (RBS) have agreed to pay an extra $33 million in addition to the $806 million a judge ordered them to pay for allegedly misrepresenting the quality of mortgage-backed securities sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.

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Moody’s Upgrades $1 Billion Worth of Fannie Mae and Freddie Mac RMBS

The note holders for these transactions are not entitled to receive cash from the mortgage loans in the reference pools, unlike typical RMBS transactions. Rather, the performance of the mortgage loans in the reference pool determines the timing and amount of principal and interest the GSEs are obligated to pay on the notes.

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Fannie Mae’s First Community Impact NPL Pool Goes to New Jersey Non-Profit

The smaller Community Impact Pool consists of 75 high-occupancy and geographically focused loans with about $11 million in unpaid principal balance (UPB). The transaction is expected to close on October 26, 2015, according to Fannie Mae.

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Congress Urged to Pass Bill to Protect Taxpayers from Another Fannie Mae and Freddie Mac Bailout

GSE, Fannie Mae, Freddie Mac News, Mortgage Finance

The Competitive Enterprise Institute (CEI) and 14 other organizations have written an open letter to the U.S. House of Representatives and the U.S. Senate urging them to pass legislation that would provide a cushion to prevent another taxpayer bailout of Fannie Mae and Freddie Mac.

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Freddie Mac’s Portfolio Sees More Expansion; Serious Delinquencies Below 2008 Level

The serious delinquency rate on Freddie Mac-backed single-family residential mortgage loans fell by another 5 basis points from June to July, down to 1.48 percent and is now lower than the 1.52 percent serious delinquency rate reported for Freddie Mac-guaranteed loans in November 2008 at the start of the financial crisis.

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Royal Bank of Scotland Loses Bid to Have FHFA’s MBS Suit Dismissed

A federal judge in Connecticut has denied a bid by the Royal Bank of Scotland (RBS) to dismiss a lawsuit filed by the FHFA accusing the bank of misleading Fannie Mae and Freddie Mac in the sale of $32 billion worth of residential mortgage-backed securities before the financial crisis.

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