Agency issuance of single-family MBS posted a solid, if unspectacular, gain from April to May, according to a new Inside MBS & ABS ranking and analysis. Fannie Mae, Freddie Mac and Ginnie Mae issued a combined $98.52 billion of single-family MBS last month, up 4.1 percent from their April volume. Monthly production in 2017 still hasn’t caught up to the $134.21 billion issued in January but, on a year-to-date basis, it’s running about 5.3 percent ahead of the pace set in the first five months of last year. The story in 2017 has been...[Includes two data tables]
A number of lawsuits involving Fannie Mae and Freddie Mac shareholders remain unresolved and a new one just hit the court system last week. Three shareholders filed a lawsuit in the U.S. District Court for the Western District of Michigan arguing that the court should vacate the third amendment to the preferred stock purchase agreement and declare the structure of the Federal Housing Finance Agency unconstitutional. The plaintiffs also asked...
At the very least, these investors want a legal settlement with the Treasury Department over their “takings” claims. But will Treasury Secretary Steven Mnuchin deal?
Deephaven Mortgage LLC soon will issue its second securitization of nonprime mortgages of this year, a $250.1 million deal backed by a variety of loans that fall outside of the legal safe harbor for qualified-mortgage status. Presale reports from S&P Global and Kroll Bond Rating Agency indicate that 45.6 percent of the loans were acquired from Angel Oak Mortgage Solutions, with the rest coming from Deephaven. Shellpoint Mortgage Servicing will service all the loans. The mortgages were originated...
The plaintiffs allege the net worth sweep of the GSE profits is the clearest manifestation of the FHFA’s “overarching policy” to operate Fannie and Freddie for the exclusive benefit of the federal government.
Jumbo mortgage production declined 32.9 percent during the first quarter of 2017, along with virtually every other part of the home-loan market, according to a new Inside Mortgage Finance ranking and analysis. An estimated $70.0 billion of non-agency jumbo mortgages were originated during the first quarter, a 30.0 percent decline from the previous three-month period. In addition, some $29.0 billion of conforming-jumbo mortgages were delivered into Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities in the first three months of the year. These are loans on one-unit properties that exceed the baseline agency loan limits and are eligible because they’re secured by homes in designated high-cost markets. The agency-jumbo market was...[Includes three data tables]
It’s been a busy spring for sales of mortgage servicing rights, with investment advisors pushing out several new auction notices a week. And there’s even more good news: for the first time in several years, prices appear to be balanced, with neither buyers nor sellers having the upper hand. “This is the most balanced market I’ve seen since 2013 or 2014,” said one East Coast-based investment banker, who spoke under the condition he and his firm remain anonymous. “Right now, I think both buyers and sellers can get good deals.” Another positive for the market: “In terms of bidders, there seems to be plenty.” Mark Garland, president of MountainView Servicing Group, Denver, sees...
Franklin American Mortgage has relaxed and removed many of its overlays across the company’s portfolio of products, including revising the minimum FICO credit score down by 20 points on Fannie Mae and Freddie Mac loans. The company said it wants to more closely align its policies with current agency requirements for loans sold to the government-sponsored enterprises and insured by the FHA and VA. Franklin revised...
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