HARP Production Plummeted in Late 2013 As Bottom Fell Out of Refinance Market
February 14, 2014
Fannie Mae and Freddie Mac saw dramatic declines in the number of underwater mortgage refinances they acquired in the fourth quarter of 2013, according to a new Inside MBS & ABS analysis. Mortgage lenders delivered an estimated 103,878 Home Affordable Refinance Program loans to the two government-sponsored enterprises in the fourth quarter, down 49.0 percent from the previous period. Our estimate, based on loan-level MBS data, supplement Federal Housing Finance Agency figures that have been updated only through November. The final three months of last year produced...[Includes one data chart]
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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