Tag Archives: Freddie Mac

An analysis released by Keefe, Bruyette & Woods(KBW) found representation and warranty costs for loan repurchases remained elevated in Q3. According to KBW, current losses can mostly be attributed to loans sold to the GSEs. Fannie Mae repurchases totaled $2.02 billion in Q3, and its balance of outstanding repurchase requests increased to $16.2 billion. Meanwhile, Freddie Mac repurchases totaled $819 million, and its outstanding requests ticked up to $2.94 billion.

Agents who sell HomeSteps homes, or Freddie Mac-owned residences, are eligible for winter bonuses. Freddie Mac announced it will pay a $1,000 bonus to a selling agent and $500 to listing agents as part of a winter promotion. The promotion lasts until February 28, 2013 and is applicable in 20 states. HomeSteps.com is the official site for GSE’s REOs.

Fixed mortgage rates dropped to all-time record lows amid indicators of higher consumer confidence and lower wholesale prices, according to Freddie Mac's Primary Mortgage Market Survey. According to the survey, the rate on a 30-year fixed-rate mortgage (FRM) averaged 3.34 percent (0.7 point) for the week ending November 15. The previous low record for the 30-year fixed was 3.36 percent, set the week of October 4 this year. The 15-year fixed average also fell to a new low, dipping to 2.65 percent (0.7 point) from 2.69 percent the week before.

Fitch Ratings recognized the strength of Freddie Mac's multifamily business, giving the GSE an initial commercial mortgage-backed securities (CMBS) special servicer rating of CSS2, the ratings agency announced.

The housing market is slowly but surely getting back up to speed, but don't expect it to recover to peak levels, Freddie Mac says in its latest U.S. Economic and Housing Market Outlook. In the November outlook, Freddie Mac takes into account recent trends, housing indicators, shifting demographic patterns to put together a picture of what makes a ""healthy"" housing market.

In the third quarter of this year, 29 percent of borrowers who refinanced opted for a shorter loan term, while only 3 percent chose a mortgage with a longer term, according to data from Freddie Mac. Most borrowers—68 percent—decided to maintain the same term on their loan.

Fannie Mae and Freddie Mac updated their disaster relief policies for borrowers impacted by Hurricane Sandy. The policies apply to properties in eligible disaster areas and are specifically for borrowers who have mortgages secured by one of the GSEs. One of the announced policies allows servicers to grant 90-day foreclosure sale and 90-day eviction suspensions. Services are also authorized to extend forbearance and repayment plans for up to 12 months for certain borrowers.

It's been a tumultuous couple of weeks for Americans, but mortgage rates have been rock-steady. Freddie Mac reported mixed rate movements for the week ending November 8, but any budges made were small. The average rate for a 30-year fixed-rate mortgage (FRM) for the week was 3.40 percent (0.7 point), up slightly from 3.39 percent in the previous week's survey. The 15-year fixed average fell, meanwhile, dropping to 2.69 percent (0.7 point) from 2.70 percent previously.

A U.S. district judge squashed an attempt by JPMorgan Chase to fully dismiss a lawsuit from the Federal Housing Finance Agency over alleged fraud over mortgage-backed securities. In its motion to dismiss, JPMorgan argues that FHFA's complaint does not contain enough factual support that loans were not underwritten properly. Judge Denise Cote disagreed, saying the allegations ""amply support FHFA's assertion that the Offering Documents for the Securitizations contained false statements regarding originators' compliance with underwriting standards.""

Fannie Mae and Freddie Mac were shy of meeting their low-income and very low-income home purchase goals, according to the Federal Housing Finance Agency's (FHFA) annual housing report. Currently, the GSEs, the Federal Housing Administration and the Department of Veterans Affairs – all government agencies – serve as the principal sources of liquidity in the mortgage market.