Fannie and Freddie saw huge gains last month as total agency MBS issuance soared to an all-time record. Heavy refinance activity was the biggest factor. (Includes two data charts.)
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It’s not final yet, but servicers stand to make at least $500 per unit to handle GSE loans that need to be deferred because of COVID-19-related hardships.
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Fannie and Freddie reported sharp drops in net income in 1Q as they substantially boosted loss reserves in anticipation of the impact of COVID-19. G-fee pricing between the two came into closer alignment. (Includes data chart.)
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The coronavirus laid waste to Fannie’s first-quarter profit but those costs were offset by a $637 million gain in the fair market value of its CRT. But not for long.
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