While the Federal Reserve intervened in the mortgage market to lower rates, lenders did not pass along all the savings to homebuyers, the former Freddie chief said.
Another blow-out earnings quarter from Freddie Mac. But earnings were juiced a bit by loan-loss reserve recaptures. Meanwhile, its net worth continues to increase.
Trade groups representing smaller nonbank seller/servicers say it’s the larger nondepositories, with nearly 70% of the market, that pose the biggest risk to Fannie and Freddie.
The Biden administration’s move to reduce the impact of medical debt from consumer credit reporting will make it easier for some homebuyers to qualify for government-backed mortgages.
Fannie joins Freddie in accepting attorney title opinion letters instead of title insurance. Industry observers said the new option will mostly impact refinances, not purchases.
The refinance sector took the biggest hit in the agency market during the first quarter of 2022, though it still accounted for just over half of the loans sold to Fannie, Freddie and Ginnie. (Includes two data charts.)
Although Fannie Mae and Freddie Mac are animals of the secondary market, the FHFA director said they have programs that can increase the amount of housing available.
It will be the 11th issuance of its type by loanDepot.
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