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Home | Tag Archives: Fannie Mae

Tag Archives: Fannie Mae

Fannie Mae’s Mortgage Portfolio Returns to Contracting; Delinquency Rate Falls to 1.83 Percent

fanniemae

The single-family serious delinquency rate for Fannie Mae in February fell another three basis points down to 1.83 percent after dropping to a nine-year low of 1.86 percent in January. Fannie Mae's single-family serious delinquency rate has declined every quarter since the first quarter of 2010 due to a number of reasons that include foreclosure alternatives, home retention solutions, completed foreclosures, improved loan payment performance, and acquisitions of loans with stronger credit profiles.

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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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Senate Banking Committee Chairman Says GSE Reform is Unlikely

GSE, Fannie Mae, Freddie Mac News, Mortgage Finance

Fannie Mae and Freddie Mac required a combined taxpayer bailout of $188 billion in 2008 after the government seized control of them. The two GSEs returned to profitability in 2012. The future of the two GSEs has been a hotly contested topic in Washington as well as in the rest of the housing industry. Both parties appear to want to wind down the FHFA's conservatorship of the two, but cannot agree on what, if anything, should replace them as well as what role the government should play in housing, if any.

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Ocwen Announces $25 Billion MSR Sale to Nationstar

american-money

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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Former Fannie Mae CEO Claims SEC Failed to Prove Accusations of Subprime Lending Fraud

investigation

Mudd, the CEO of Fannie Mae during the years leading up to the housing crash (2005 to 2008), and former Fannie Mae executives Enrico Dallavecchia (chief risk officer) and Thomas A. Lund (EVP), requested that U.S. District Judge Paul Crotty grant them summary judgment on the grounds that the SEC had not shown evidence that the GSE misled or made false statements to investors about its subprime portfolio.

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Fannie Mae: Economic Growth Slows in Q1; Economy Still Expected to ‘Drag Housing Upward’

fanniemae

The temporary factors that slowed economic growth include a drawdown in inventory, unusually high snowfall in some parts of the country, and the West Coast port slowdown. Fannie Mae expects the reducing of those factors in the second quarter combined with upbeat labor market conditions and positive consumer and business fundamentals to push GDP growth to 2.8 percent in 2015, ahead of 2014's pace of 2.4 percent.

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GSEs to Streamline Modifications for Homeowners at Risk of Default

mod-app-approved

Servicers are now required to evaluate mortgage loans backed by the two GSEs and actively reach out to borrowers to offer a streamlined loan modification if the mortgage loan was previously modified to include a step-rate feature (which allows for a gradual rate increase in the first few years) and if the mortgage rate becomes 60 days delinquent in the first 12 months following a rate increase.

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