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Tag Archives: Freddie Mac

GSEs Bolster Multifamily Portfolios

The GSEs have increased their presence in the multifamily loan sector over the past several years, relying on these loans to meet affordable housing goals, according to a recent study by the Government Accountability Office (GOA). Prior to 2008, Fannie Mae and Freddie Mac together financed approximately 30 percent of the multifamily market. In 2009, the enterprises were backing 86 percent of multifamily loans.

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Rates Make Slight Increase After Dropping to Record Lows

Freddie Mac's Primary Mortgage Market Survey (PMMS) showed surprisingly little life this week following the better-than-expected jobs report for September. While rates did rise for the week ending October 11, most increases were mild. The 30-year fixed average posted the largest growth, rising to 3.39 percent (0.7 point) from 3.36 percent-a record low the week before. The 15-year fixed-rate mortgage also saw an increase, averaging 2.70 percent (0.6 point), up from 2.69 percent previously.

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GSEs Update Servicing Requirements

As part of the Servicing Success Program, Freddie Mac and Fannie Mae are aligning their expectations for servicers regarding a variety of criteria. However, while basic criteria will align, the weights and targets for various criteria may differ between the GSEs, according to an announcement from Freddie Mac. Freddie Mac recently released a bulletin to detail changes to the Servicer Success Scorecard, repurchase timelines for servicer violations, updates to compensatory fee requirements, and revisions to the GSE's servicer termination and transfer requirements.

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Mortgage Rates Find New Bottom for 2nd Straight Week

For the second week in a row, mortgage rates hit new record lows, and for the first time since mid-October 2009, the 15-year fixed-rate mortgage is lower than the 5-year adjustable-rate mortgage (ARM). The average 30-year fixed-rate mortgage for the week ending October 4 was 3.36 percent, according to Freddie Mac. The 15-year fixed-rate mortgage also fell from the previous week, dropping to 2.69 percent. Frank Nothaft, VP and chief economist at Freddie Mac, attributes the falling rates to ""mortgage securities purchases by the Federal Reserve and indicators of a weakening economy.""

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Freddie Mac Revises MGIC Obligations

MGIC Investment Corporation is on its way to resolving stipulations set forth by Freddie Mac in order for the insurance company to continue issuing insurance. MGIC announced that Freddie Mac reduced the amount MGIC Investment Corporation must pay to its subsidiary from $200 million to $100 million. The GSE also extended the deadline for this contribution from the end of September to the end of December.

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Mortgage Rates Break Low Records Again as QE3 Starts

It's unknown whether or not the Federal Reserve's new stimulus will be able to whip the economy back into shape, but one thing's for sure: It's sent mortgage rates plummeting. Freddie Mac's Primary Mortgage Market Survey showed new record lows in all categories except the 5-year adjustable-rate mortgage (ARM).

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GSEs Work with More than 300 ‘High-Risk’ Counterparties: Report

As of the third quarter of 2011, more than 300 sellers and/or servicers (counterparties) were placed in the high-risk category by Fannie Mae and Freddie Mac, according to a report from the FHFA Office of Inspector General. In addition, the report stated the GSEs ended business relationships with more than 40 servicers/sellers on their high-risk watch lists since 2007.

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FHFA to Raise G-fees for High Default States

The Federal Housing Finance Agency (FHFA) plans to change the guarantee fees (g-fees) the GSEs charge on single-family mortgages. Starting in 2013, g-fees will be higher in some states than others, according to a notice sent to the Federal Register. Currently, g-fees are the same throughout the country. However, the FHFA has noticed ""a wide variation among states in the costs that the Enterprises incur from mortgage defaults,"" according to its notice to the Federal Register.

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