Freddie Mac continued to report significantly more repurchase activity in the first quarter of 2020 and the pipeline of unresolved claims was up from the end of 2019. (Includes two data charts.)
States with shelter-in-place orders accounted for 75% of the single-family home loans securitized by Fannie and Freddie last year, and 81% of jobless claims filed last week. (Includes data chart.)
Banks and thrifts held $482.5 billion of advances from the Federal Home Loan Bank system in the fourth quarter of 2019, a 3.3% sequential drop. (Includes data chart.)
Although only a minuscule share of GSE loans are subject to buyback requests, officials still keep a spotlight on the issue. Fannie recently refreshed its seller QC self-assessment. (Includes data chart.)
Wells Fargo and JPMorgan Chase, the top banks in mortgage banking income, saw significant quarter-to-quarter volatility in 2019. Flagstar pulled itself out of a rut in the fourth quarter but still posted a hefty net mortgage banking loss for the year. (Includes data chart.)
The GSEs’ loan performance data excludes various loan types, such as ARMs and low-documentation loans, that performed poorly in the financial crisis. Nearly half of the GSE loans originated in 2006 and 2007 are expurgated from the data provided to CRT investors.
The bulk of Fannie Mae’s and Freddie Mac’s prevention actions were aimed at home retention, with 20,370 loans modified, repayment plans negotiated on 5,965 delinquent loans and 3,328 units receiving some sort of forbearance.
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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