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Home | Tag Archives: MBS

Tag Archives: MBS

Morgan Stanley Announces $1.25B Settlement with FHFA

In a filing with the Securities and Exchange Commission (SEC) Tuesday, Morgan Stanley revealed it has reached a $1.25 billion agreement in principle with FHFA to resolve pending mortgage-backed securities (MBS)-related litigation. In connection with the settlement, the company announced it is recording a $150 million addition to its fourth-quarter legal reserves.

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FOMC Moves Forward on Tapering

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The Federal Open Market Committee (FOMC) voted on Wednesday to scale back the Federal Reserve's bond-buying program. The cut—the second one in as many months—will see total monthly asset purchases coming down to $65 billion. While December's weak employment report led some to believe there might be a pause in the taper, the committee waved it off in light of other, more positive indicators.

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Business Ticks Up at Freddie Mac

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According to Freddie Mac's December volume summary, the GSE's total mortgage portfolio grew at an annualized rate of 0.4 percent for the month, bringing 2013's average rate to -2.6 percent. The portfolio grew in four out of last year's 12 months and shrank in eight, including a streak of declines from July through November. As of the end of the year, the portfolio was valued at approximately $1.91 trillion.

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Commentary: Looking Forward

In a commentary shared with DSNews.com, Peter Muoio, chief economist for Auction.com Research, revealed the company's predictions for 2014. Muoio says the housing recovery will get its second wind next year, the Federal Reserve's tapering of stimulus measures will extend for a longer period that most analysts are expecting, REO-to-rental will cool off, and the Canadian housing bubble will come closer to bursting.

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FHFA Wants to Hear Your Thoughts on Proposed Loan Limits

The Federal Housing Finance Agency (FHFA) says it wants input on a plan to lower the ceiling for loans eligible for purchase by Fannie Mae and Freddie Mac. Under FHFA's proposed plan, the $417,000 maximum limit for single-family homes in most areas around the country would be lowered to $400,000, a reduction of about 4 percent. Areas with higher limits would see a similar cut, with the $625,500 maximum dropping to $600,000.

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FHFA Announces Plans to Combine Divisions

As the newly confirmed Mel Watt prepares to take the reins at the Federal Housing Finance Agency, current Acting Director Edward DeMarco has announced changes to the agency's senior staff. Jeffrey Spohn, deputy director of the Office of Conservatorship Operations, will retire in January. To fill the role, the agency has appointed Wanda DeLeo, who currently serves as deputy director in the Office of Strategic Initiatives. The two divisions will be combined into a new Division of Conservatorship to ease the transition.

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Freddie Mac’s Mortgage Portfolio Shrinks at Fastest Rate This Year

Freddie Mac's mortgage book of business contracted at an annualized rate of 6.4 percent in October, marking the fourth consecutive month of declines. The book has registered declines in seven of the first 10 months of 2013, according to Freddie Mac's monthly volume summary. October's pace of decline was the highest rate so far this year and is up from a 4.3 percent annualized rate reported for September.

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FHFA Announces Increase in Guarantee Fees

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to raise their guarantee fees (g-fees). The g-fee increase consists of three components: the base fee for all mortgages will increase 10 basis points; the g-fee grid will be updated to ensure pricing is aligned with credit risk; and the adverse market fee of 25 basis points is being eliminated except in four states where foreclosure carrying costs are exponentially high.

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Fannie Mae Reports on October’s Book of Business

Fannie Mae completed about 13,000 loan modifications in October, bringing the year-to-date total to nearly 134,000. At the same time, the GSE's serious delinquency rate for conventional single-family mortgages declined seven basis points over the month, dropping to 2.48 percent. According to the company's latest monthly volume summary, Fannie Mae's total book of business is currently valued at about $3.17 trillion.

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White House Representative Speaks on Housing Finance Reform

Speaking at an industry symposium recently, Gene Sperling, director of the National Economic Council for the White House, stressed the importance of securitization in the housing market, saying it makes mortgages cheaper and enables banks to free up limited capital to support additional home purchases and other forms of lending. However, he says the current securitization market is in need of major reforms.

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