Volume of noncore products at the GSEs shifted downward in the first quarter as questions around the future of Fannie Mae and Freddie Mac persist. (Includes data table.)
While Fannie and Freddie refi business fell sharply in the second quarter, there were significant increases in loans with low credit scores. Meanwhile, the fastest growing sectors of the GSE purchase market had higher LTV ratios. (Includes two data charts.)
Wells Fargo and Chase together accounted for more than half of all borrowers exiting forbearance in July, Wells Fargo Securities found in its deep dive into new, loan-level data on Fannie Mae’s Connecticut Avenue Securities.
Fannie Mae’s credit-risk transfer loan-level data show 21.0% of borrowers that were in forbearance in June exited when their relief plans expired in July. That works out to 1.7% of the government-sponsored enterprise’s outstandings.
The new FHFA director’s whirlwind first week resulted in widespread staffing cuts at the regulator and a dramatic change in leadership at the GSEs. So far, criticism has been muted.
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