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DS News Webcast: Friday 5/8/2015

Fannie Mae reported a net income of $1.9 billion dollars for the first quarter of 2015, up from $1.3 billion from the previous quarter, according to Fannie Mae's Q1 2015 financial results released Thursday. The primary driver of the nearly 50 percent quarter-over-quarter increase in net income was lower fair value losses for Q1, which totaled $1.9 billion for Q1 compared to $2.5 billion dollars for the previous quarter.

Fannie Mae's comprehensive income for Q1 was reported at 1 point 8 billion dollars, up from $1.3 billion in Q4. The Enterprise reported a net worth of $3.6 billion as of the end of Q1, which will result in a payment of $1.8 billion to the Department of Treasury in June per the terms of a 2012 amendment to the 2008 bailout agreement. Fannie Mae CEO Timothy Mayopoulos called Q1 "another quarter of strong financial performance."

Retesting of Ocwen Financial's compliance with the terms of the 2012 National Mortgage Settlement for the first quarter of 2014 revealed that the Atlanta-based servicer failed one metric originally reported as a pass, but passed the other eight metrics, according to a release from the Office of Mortgage Settlement Oversight. In a report filed with the U.S. District Court for the District of Columbia, NMS Monitor Joseph A. Smith, Jr., reported the results of the retesting for Q1 2014 and also outlined several actions Ocwen has taken to improve its internal review group, which Smith has been investigating since May 2014.

About Author: Jordan Funderburk

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