The loans were sold in three pools, and winning bidder for all three was GCAT Management Services 2015-13. The loans were an average of about three years delinquent, meaning it is likely that all the borrowers have been evaluated for or are in some stage of loss mitigation, or are in foreclosure.
Read More »House Bill Aims to Protect Taxpayers by Establishing Capital Reserve Fund for GSEs
The secondary reserve could also be referred to as an escrow account, where funds are held until a resolution is created on GSE reform. The bill would establish a secondary reserve by inserting the new language into the existing statutes.
Read More »FHFA: GSEs Completed Nearly 66,000 Foreclosure Prevention Actions in Q4
According to FHFA, nearly 41,000 out of those 65,900 foreclosure prevention actions (62 percent) completed in Q4 were permanent loan modifications; 33 percent of borrowers who received loan mods had their payments reduced by 30 percent or more, according to FHFA.
Read More »Freddie Mac Reaches Out to Borrowers Facing Higher Payments Due to HAMP Resets
Approximately 511,000 borrowers who received HAMP mods in 2010 are due to reset in 2015 and face the prospect of increased interest rates, commonly known as "step-ups." Treasury and the GSEs are reaching out to assist borrowers who have trouble absorbing the increased monthly payments.
Read More »New York Fed Says Path for GSE Reform ‘Does Not Look Promising’
With GSE reform a hot topic among government officials and those in the housing industry, the Federal Reserve Bank of New York has issued a report stating that the "path forward for reform of Fannie Mae and Freddie Mac does not look promising" and that failure to wind down the GSEs equated to a "colossal missed opportunity" to put U.S. residential housing finance on more stable footing.
Read More »Cold Winter, Soft Economic Growth Cause Housing Market to Stumble
Just as it reported for December's national index, Freddie Mac reported that January's national MiMi value of 74.6 indicated a weak housing market and even declined slightly (0.20 percent) month-over-month despite a year-over-year increase of 3.39 percent
Read More »Senate Banking Committee Chairman Says GSE Reform is Unlikely
Fannie Mae and Freddie Mac required a combined taxpayer bailout of $188 billion in 2008 after the government seized control of them. The two GSEs returned to profitability in 2012. The future of the two GSEs has been a hotly contested topic in Washington as well as in the rest of the housing industry. Both parties appear to want to wind down the FHFA's conservatorship of the two, but cannot agree on what, if anything, should replace them as well as what role the government should play in housing, if any.
Read More »Freddie Mac’s Total Mortgage Portfolio Expands While Delinquency Rate Continues to Fall
Freddie Mac's total mortgage portfolio increased at an annualized rate of 2.8 percent in February, marking the fifth time the portfolio has expanded in the last six months, while the serious delinquency rate for the Enterprise's single-family residential loans continued its steady decline, according to Freddie Mac's February 2015 Monthly Volume Summary released Tuesday.
Read More »Freddie Mac Announces Pricing For Second Structured Credit Risk Offering of 2015
Less than a week after announcing its intention to sell its second Structured Agency Credit Risk (STACR) offering this year, Freddie Mac announced on Tuesday that it has priced the offering at $860 million.
Read More »Ocwen Announces $25 Billion MSR Sale to Nationstar
This will be the second time in as many months that Ocwen has announced an MSR sale on an Agency portfolio of residential loans to Dallas, Texas-based Nationstar. In February, Ocwen announced its intention to sell the MSR on a portfolio of about 81,000 performing residential loans owned by Freddie Mac with a UPB of about $9.8 billion to Nationstar.
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