In a new book, James Lockhart, FHFA’s first director, outlines the events leading up to the conservatorship of Fannie Mae and Freddie Mac. More than a decade later, the events and debates are still relevant.
The MBS held by two failed banks will soon hit the market; specified pool trades hit record level in March; Fannie increases disclosures on multifamily MBS; LIBOR to live on in synthetic form.
Second-level GSE MBS issuance involving excess spread from servicing increased in 2022. Private-equity firms and real estate investment trusts are among the investors buying excess servicing.
Investors are pleased that FHFA has improved the capital treatment of commingled securities. The overall industry response to the proposed rule change, though, has been a resounding “meh.”
Freddie Mac saw a big fourth-quarter increase in Supers issuance that appeared to make up for lost ground earlier in the year. All three agencies posted declines in new REMIC production in the fourth quarter. (Includes two data charts.)
Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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