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Tag Archives: Fannie Mae

Fannie Mae Provides $33.8B to Multifamily Sector in 2012

Fannie Mae maintained its position as the largest source for multifamily financing in 2012 after providing $33.8 billion to the sector. The figure translates into 560,000 multifamily units and represents the third highest acquisition year in the company's history. Meanwhile, the Mortgage Bankers Association (MBA) reported commercial and multifamily lending volume increased by 49 percent on a quarterly and yearly basis in Q4 2012.

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Research Points to Strong Multifamily Sector This Year

The industry seems to agree the multifamily housing market is recovering well and will continue to show positive signs this year. Both Fannie Mae and the National Association of Home Builders report low vacancies and climbing rents for 2012 and anticipate a strong market in 2013. Fannie Mae expects asking rent prices to increase about 2.5 percent this year and expects vacancy rates to increase to about 6 percent, keeping in line with historical norms.

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Fannie Mae: Slow Economic Growth May Be the Near-Term Norm

While some are asking when the economy will return to normal, others are wondering if this prolonged period of below-potential GDP growth is actually the ""new normal,"" according to a report from Fannie Mae's (FNMA/OTC) Economic & Strategic Research Group. For 2013 and 2014, Fannie Mae projects a continuation of below-potential economic growth, with a 2 percent growth rate expected for 2013, similar to the lackluster performance seen in 2012.

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BofA Reaches Repurchase Claims Agreement with Fannie Mae

Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008. The agreement also requires BofA to pay the GSE $1.3 billion in compensatory fee obligations. BofA simultaneously announced its intent to sell the servicing rights of 2 million mortgage loans to specialty servicers.

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Survey: Consumers Grow in Optimism Toward Home Prices

Consumers continued to show increased optimism toward home price, rental price, and mortgage rate expectations, a sign that home purchase activity may see a boost in the coming months, according to results from Fannie Mae's latest National Housing Survey. The average 12-month home price change expectation jumped from 1.7 percent in November to 2.6 percent in December, the highest level since the survey's inception in 2010. To compare, the average price change expectation a year earlier was only 0.8 percent. The share of respondents who believe home prices will rise over the next year also reached its highest recorded level, increasing 6 percentage points to 43 percent.

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GSEs Complete 134K Foreclosure Prevention Actions in Q3

In Q3 2012, Fannie Mae and Freddie Mac completed about 134,200 foreclosure prevention actions, according to a report from the Federal Housing Finance Agency (FHFA). Of that total, 62,500 foreclosure prevention actions were through loan modifications, and 38,000 were from short sales and deeds-in-lieu. Overall, since the start of their conservatorship in September 2008, the GSEs have completed 2.5 million foreclosure prevention actions.

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Specialty Servicers Should Expect Large Transfers

Tailwinds should continue for specialty servicers in 2013, according to a report from FBR. As large, traditional servicers become unwilling to service certain asset that require more attention, FBR says it believes about $600 billion to $700 billion in ""high-touch, credit sensitive assets"" will eventually make their way into the specialty servicing and sub-servicing sectors.

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Report: LIBOR Scandal May Have Cost GSEs More Than $3B

Fannie Mae and Freddie Mac may have lost billions of dollars as a result of borrowing rate manipulation, according to a report from the Office of the Inspector General of the Federal Housing Finance Agency (FHFA-OIG). The banking world was rocked in late June as it was revealed that traders at Barclays spent years rigging the London Interbank Offered Rate (Libor), a global interest rate at which banks lend money to each other. As those probes continue, the Wall Street Journal is now reporting Fannie Mae and Freddie Mac may have sustained more than $3 billion in losses from the rate-rigging.

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MBA Creates GSE Single Family Task Force

The Mortgage Bankers Association (MBA) has assembled a GSE Single Family Task Force to revisit the association's 2009 proposal for the future of the secondary market and to further discourse on this topic. The task force will work in two phases. First, they will review the 2009 position and determine potential issues during a transition. Next, they will put together a ""roadmap"" for the transition. MBA's 2009 proposal supports government participation in the mortgage market, but a limited one. The announcement of the new GSE Single Family Task Force comes on the heels of a white paper published by ""MBA's Multifamily Task Force.

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