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Tag Archives: Freddie Mac

Taxpayers Footing $160M Legal Bill for Fannie and Freddie

In November, Texas representative Randy Neugebauer sent a letter to the Federal Housing Finance Agency (FHFA) requesting a report from Acting Director Edward DeMarco detailing how much taxpayer dollars are being spent on legal costs for former Fannie and Freddie execs. A report released last week details just that, and the results are eye opening. Currently the bill sits at a hefty $160 million and counting.

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Future of GSEs Uncertain, Many Lobbying for Their End

For decades the GSEs have made it possible for many people to achieve their homeownership goals by reducing the cost of credit and making it more readily available. But in light of the recent financial meltdown, banks and other corporations are calling for reform that they say the Dodd-Frank Act didn't cover. The government is set to release a report on the future of Fannie and Freddie in the coming weeks, but market participants have low expectations for a definitive solution in the report.

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Bank of America Loses $2.2B in 2010

The nation's largest bank reported this morning that it lost $2.2 billion in 2010. During the fourth-quarter period, Bank of America posted a net loss of $1.2 billion, which included a goodwill impairment charge of $2.0 billion in its home loans and insurance division. Had it not been for this charge, the company says it would have earned $756 million in the fourth quarter. The company called 2010 a year of ""necessary repair and rebuilding."" Bank of America is the only one of the 'Big Four' to report a loss.

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Reports: 30-Year Fixed Rates Edge Higher

Industry data released Thursday show that interest rates for 30-year fixed mortgages moved up this week, while adjustable-rate mortgages dipped lower. Freddie Mac puts the 30-year fixed-rate mortgage at an average of 4.74 percent. The 15-year rate, on the other hand, headed down with adjustable rates. Analysts say the gap between fixed and adjustable rates has grown significantly in the last six months, making some of the hybrid adjustable rate products a compelling option for certain borrowers.

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Freddie Mac Releases New Guidelines for Refinancing Eligibility

Freddie Mac released a new seller/servicer guide this week with revised rules regarding mortgage refinance and underwriting requirements. For loans with settlement dates on or after May 1, 2011, Freddie Mac will require verification of funds for all refinance mortgages. The GSE is also eliminating streamlined refinances for mortgages it owns and has updated refinance requirements for mortgages secured by properties subject to Property Assessed Clean Energy (PACE) obligations.

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Wingspan Taps GSE Tech Authority as SVP of Information Management

Wingspan Portfolio Advisors said Tuesday the company has appointed E.J. Kite to the newly created position of SVP of information management. A mortgage technology veteran with 26 years' experience, Kite is responsible for leading Wingspan's expanding technology infrastructure, reporting and analytics capabilities, and integration of the specialty servicer's supporting software tools. Kite joins Wingspan from Fannie Mae and previously spent 20 years at Freddie Mac.

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FHFA to Develop New Mortgage Servicing Compensation Plan

The Federal Housing Finance Agency (FHFA) on Tuesday said it has directed Fannie Mae and Freddie Mac to work in coordination with FHFA and HUD to consider alternatives for future mortgage servicing structures and fees for single-family mortgage loans. The current compensation plan is typically based on a minimum servicing fee that is a part of the mortgage rate, which FHFA says decreases flexibility for the servicing of non-performing loans.

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Adjustable-Rate Mortgages Likely to Gain Favor with Borrowers: Report

Since the onset of the mortgage crisis, homebuyers have shied away from adjustable-rate mortgages (ARMs) but these loan products are slowly gaining back lost market share, according to Freddie Mac's chief economist, Frank Nothaft. In June 2004, ARMs hit a peak share of 40 percent of the home-purchase market but by early 2009, that share had fallen to just 3 percent. Today, ARMs are financing approximately 7 percent of new home-purchase loans, and Nothaft says he expects that number to rise to 9 percent in 2011.

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Bank Foreclosures in Miami-Dade County Priced 47% Below Market

According to RealtyStore, a provider of local foreclosure listings, the median price of bank foreclosures in Miami-Dade County, Florida, are nearly half that of the current market rate. The firm's analysis showed 64 percent of all foreclosures for sale in the county are marketed by banks. The other foreclosures are listed for sale by government entities, including HUD and the GSEs. Bank-owned foreclosures are priced 47 percent less than the median market price. When it comes to government foreclosure pricing, the discounts are even deeper.

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Fed’s Mortgage Investments Result in Record Returns

Income and expense data released by the Federal Reserve this week shows the central bank is earning a pretty penny from its investments in mortgage securities. The Fed began buying mortgage bonds from Fannie Mae, Freddie Mac, and Ginnie Mae in November of 2008 to help prop up the nation's deteriorating mortgage markets. In 2009, Fed officials reported that these efforts, combined with its purchases of Treasury securities, yielded a $46.1 billion profit. In 2010, earnings on those investments jumped to $76.2 billion.

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