Last summer’s blockbuster ruling from the Court of Appeals was a mixed bag for both plaintiffs and defendants. The long-expected appeal of that decision promises more of the same.
Despite heavy lobbying by large banks for the multi-guarantor model of GSE reform, Don Layton joins the growing crowd of pundits who advocate for managing Fannie and Freddie as public utilities.
Fannie continued to wind down its portfolio of nonperforming and reperforming loans, in compliance with FHFA directives; Freddie released two structured pass-through certificates with yields ranging from 2.47% to 5.22%.
The bureau’s proposed rulemaking could apply to nearly a third of the mortgage loans purchased by the GSEs. Industry observers wait to see if it impacts access to credit for low- and mid-income borrowers.
Industry observers worry that FHFA’s failure to complete its final capital rule, and Treasury’s delay releasing its plan for housing-finance reform, may push the end of the sweep into next year.
Even as FHFA replaces its current ARM index with one created by Freddie Mac, Freddie and Fannie endorse a new SOFR index touted by the Fed as a replacement for LIBOR.
The indictment of apartment mogul Robert Morgan and several of his associates may have accelerated the prepayment speeds of dozens of Fannie’s and Freddie’s multifamily MBS.
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