Late Thursday, the Senate voted to approve Mark Calabria as the permanent director of the Federal Housing Finance Agency by a vote of 53 to 44 along party lines. A few senators did not cast ballots. But don’t look for this free-market economist to quickly make radical changes to how Fannie Mae and Freddie Mac operate. The first thing to watch is whether Calabria allows them to build more capital…Non-QM lender Citadel Servicing Corp., Irvine, CA, originated $475 million in ...
It may seem counterintuitive, but MBS backed by reperforming loans, and thus not eligible to be traded in the to-be-announced market, are the ideal assets in collateralized mortgage obligation deals. According to a report from Stifel’s fixed income strategy division, the reason is simple — most modified loans are unlikely to be refinanced as they have “a unique and desirable prepayment profile.” Borrowers with modified loans have already had their rates dramatically reduced. They're unlikely to ...
Joseph Otting, acting director of the Federal Housing Finance Agency, set the rumor mills in motion last week when he told an audience at George Mason University Law School that the agency would finish work this summer on final capital rules for Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency this week announced that acting Director Joseph Otting authorized Fannie Mae and Freddie Mac to release payments to both the National Housing Trust Fund and the Capital Magnet Fund.
Although Fannie and Freddie were taken over by the government in the fall of 2008, the two have been wildly profitable – with a few bumps along the way – since 2012.