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Tag Archives: Freddie Mac

Freddie Mac Slaps a Price Tag on STACR Deal

debt

Freddie Mac, in conjunction with J.P. Morgan and BNP Paribas as co-lead managers and bookrunners, recently announced the price of its fourth Structured Agency Credit Risk (STACR) debt note offering at $787.5 million. Mortgages in the reference pool have an unpaid principle balance of $31.6 billion. STACR is an ongoing effort to transfer a portion of its mortgage credit risk to private investors.

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Mortgage Surveys Say It’s Time to Get a Mortgage

loan defects on mortgage application

Good news for buyers: it’s a great time to get a mortgage. Today’s 30-year fixed rate mortgage is 2 percentage points lower than the average over the last 25 years. According to a weekly national survey, 30-year fixed mortgages rates remain at the lowest level in seven months.

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The Week Ahead: FOMC to Meet Wednesday

The Federal Open Market Committee and the Federal Reserve Board of Governors Board of Governors are set to meet Tuesday, June 13 and Wednesday, June 14, in Washington D.C.. It will be their fourth meeting of 2017. Janet Yellen, Chair of the Board of Governors, is scheduled to give press conference at 2:30 p.m. eastern time on Wednesday.

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GSEs: Where Should the Money Go?

For four months, the Department of the Treasury, GSEs, and Federal Housing Finance Agency have been in disagreement with Fannie and Freddie investors on where profits should be directed. Though the D.C. Circuit affirmed a lower court’s ruling that actions taken under the FHFA’s conservatorship of the GSEs cannot be challenged in court, the shareholders are now taking matters to the full D.C. Circuit for a rehearing. The FHFA and Treasury are now urging the D.C. Circuit not to modify its original ruling.

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FHFA Sells Over 72,000 NPLs at a Gain of $14.2 Billion

The Federal Housing Finance Agency on Thursday released its third Enterprise Non-Performing Loan Sales Report, which lists all the sales of all non-performing loans from Freddie Mac and Fannie Mae to the private sector through December 31, 2016. The report tracks total loan sales, total number delinquent assents unloaded, and time of delinquency. It also strives to track borrower outcomes and measure how many properties were foreclosed on, how many avoided foreclosure, and the difference between homes that were sold to third parties and benchmark NPLs.

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Credit Risk Transfers: Hot Topic of 2017

Semper Capital, a independent investment management firm, believes that the Credit Risk Transfer market continues to be a compelling investment vehicle. Following the mortgage crisis, the Federal Housing Finance Agency has mandated a number of changes affecting the government-sponsored enterprises (GSEs), reducing the risk of losses that the GSEs may pose to taxpayers. Semper believes that the CRT market remains well supported and the collateral and structural benefits are high.

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FHFA: Solving Complications in Mortgage English Proficiency

The Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) Thursday for problems qualified Limited English Proficiency (LEP) borrowers face during the mortgage lifecycle. Per FHFA’s 2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, the GSEs must identify major challenges for LEP borrowers in accessing mortgage credit, analyzing potential solutions, and developing a multiyear plan appropriate for the Enterprises to support improved access. By better understanding the experience of LEP borrowers and those that serve them, the FHFA can successfully expand their statutory mandate.

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Freddie Funds $28B in Mortgages

According to its latest summary report, Freddie Mac’s mortgage portfolio has increased 0.5 percent over the year. In April, the government-sponsored enterprise completed more than $28 billion in mortgage purchases and issuances, and 4,500 single-family loan modifications. Its mortgage-related securities portfolio also increased year-over-year.

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International Document Services Receives Certification from GSEs

After undergoing an extensive testing process, a mortgage document preparation vendor announced its Uniform Closing Dataset XML file has been certified by the GSEs. This new way of submitting documents will be required by Fannie and Freddie starting in the fall for all lenders selling to them. The company trusts this will bring consistency, transparency and clarity to the mortgage industry.

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Reform is on the Horizon: Watt & Mnuchin Assess

The status quo for Fannie Mae and Freddie Mac will be changing according to Treasury Secretary Steven Mnuchin. He and FHFA Director Melvin Watt separately addressed the state of the GSEs Thursday. Watt explained that reforms during conservatorship need to be kept in mind when addressing housing finance reform.

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