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Tag Archives: Mortgage-Backed Securities

CBO: Eliminating Fannie Mae, Freddie Mac Would Save Billions

The Congressional Budget Office (CBO) released a cost estimate on Friday for S. 1217, a senate bill proposed June 2013 by Senator Bob Corker (R-Tennessee) that would eliminate GSEs Fannie Mae and Freddie Mac and replace them with a private insurance company system with a government backstop. According to the newly-released estimate, removing the two GSEs would save the government billions of dollars in the next 10 years.

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Analyst Warns of Potential Mortgage Crisis

With the Federal Reserve on track to end its monthly bond purchases (currently at a rate of $25 billion and falling), Bove cautions that the loss of one of the tools used to help lift housing out of its post-recession rut could hurt the market, especially as interest rates start to tick back up.

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Bank of America Requests Dismissal of ‘Hustle’ Case Verdict

The case revolves around mortgages originated through Countrywide's High Speed Swim Lane (HSSL, or "Hustle") program that were later sold to Fannie Mae and Freddie Mac. The complaint against Bank of America alleged that Countrywide—which the bank purchased in 2008—threw out quality controls in pursuit of higher volumes and then misrepresented those loans to the GSEs.

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Fed: Taper Continues; Adjust Economic Projections

The Federal Open Market Committee (FOMC) concluded its June meeting with the announcement that members have once again voted to bring down the Federal Reserve's stimulative monthly asset purchases. Taking a cue from improvements in labor market indicators, household spending, and general economic activity, the committee members voted to reduce the Fed's monthly purchase of agency mortgage-backed securities.

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Federal Reserve Continues Taper; Reduces Purchases by $10 Billion

The Board of Governors of the Federal Reserve System issued their Federal Open Market Committee statement, commenting that growth in economic activity has picked up recently despite a sluggish first quarter, due in part to adverse weather conditions. The Fed noted that recovery in the housing sector remained slow.

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FHFA Settles with Barclays Bank for $280 Million

The Federal Housing Finance Agency (FHFA) announced a settlement with Barclays Bank PLC for $280 million, resolving legal claims against the bank related to allegations of violations of federal and state securities laws in connection with private-label mortgage-backed securities (MBS) purchased by the GSEs.

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Fannie Mae Issued $3.5 Billion of MBS in Q1 2014

Fannie Mae issued approximately $3.5 billion of multifamily mortgage-backed securities (MBS) in the first quarter of 2014, the company said in a press release Monday. The securities are backed by new multifamily loans delivered by the company's lenders.

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