California remains the mother lode for Fannie Mae and Freddie Mac. In the first six months of 2019, the GSEs purchased $58.1 billion in loans from the Golden State.
Although the non-QM portion of the non-agency market accounted for less than $10 billion in 2018, it could absorb more than $50 billion in former patch loans if it continues its current annual growth rate.
On the issue of FHFA’s constitutionality, the court ruled for the plaintiffs. But rather than invalidate the net worth sweep, the court struck the “for-cause” provision from HERA.
The new cap structure will allow each firm to invest up to $100 billion in multifamily projects over the next five quarters. At least 37.5% of that investment must be for affordable housing.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
News Tailored to Your Needs
Get Focused Coverage
Inside Mortgage Finance's newsletters break the mortgage market down so you get the news and data you need most, whether it's total industry coverage or just the news related to securitization, regulation, profits or other specific topics.