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DS News Webcast: Tuesday 6/3/2014

Fannie Mae's book of business shrank again in April, continuing an uninterrupted streak of declines that started at the end of 2013. According to the enterprise's volume summary report, the book's total value contracted in April at a compound negative growth rate of 2.7 percent. The latest drop brings the book's average year-to-date growth rate to negative 2.3 percent. As of April 30th, the book's value was an estimated $3.14 trillion.

The decline came from a drop in Fannie's gross mortgage portfolio, which shrank at a rate of 14.3 percent as sales and liquidations increased to offset a rise in purchase activity. Meanwhile, total mortgage-backed securities and other guarantees also fell, owing to an increased annualized rate of liquidations. As was the case at Freddie Mac, single-family serious delinquency in Fannie's portfolio fell in April, ending the month at a rate of 2.13 percent, compared to 2.19 percent in March.

The City of Los Angeles is suing JPMorgan Chase, alleging the bank engaged in discriminatory lending. Allegedly, the bank engaged in a pattern of imposing different terms or conditions to consumers on a discriminatory basis, or red-lining. The city contends the mega-bank caused a wave of foreclosures that diminished the city's property tax revenues and increased the need for costly city services in minority neighborhoods. The city is seeking damages to make up for the reduction of property tax revenues, as well as the increased cost of city services.

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