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Inside The GSEs

December 31, 2008

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Regulators Blink in Appraisal Compromise

The mortgage finance industry last week secured what it saw as a necessary concession from federal and state government officials on the thorny subject of appraisal independence. But it’s unclear what the compromise will mean for Fannie Mae and Freddie Mac in terms of their $24 million backing of a related implementation oversight mechanism. On Dec. 23, the Federal Housing... Read More

FHLBanks Want Equal RBC Treatment

The Federal Home Loan Banks want bank and thrift regulators to treat the debt securities of all housing GSEs the same when it comes to risk-based capital requirements, worrying that a proposal to halve the RBC weighting for mortgage-backed securities issued by Fannie Mae and Freddie Mac would put FHLB advances at a competitive disadvantage in the capital markets... Read More

Ginnie Boom Cools GSE Market Share

The unprecedented boom in FHA lending in recent months has put a dent in the record market shares recorded by Fannie Mae and Freddie Mac, but more recent growth in the GSEs’ retained portfolios is magnifying their overall presence in the market. Fannie and Freddie accounted for 67.2 percent of new mortgage-backed securities issuance during the third...[Includes one chart] Read More

SMP Won’t Reach Most Delinquent GSE Borrowers

Fannie Mae and Freddie Mac have begun reaching out to struggling homeowners via the Streamlined Modification Program, but most delinquent GSE borrowers probably won’t be reached by the plan. During a recent press briefing, officials from Fannie, Freddie and the Federal Housing Finance Agency projected, perhaps inadvertently, that the SMP will have a modest impact on the approximately... Read More

FHFA Appoints New Boards to Fannie, Freddie

In perhaps the first sign that the end of the conservatorships of Fannie Mae and Freddie Mac may be in sight, the GSEs’ regulator has appointed new boards for each of the companies. The move, made last week by the Federal Housing Finance Agency, suggests some semblance of normal corporate board oversight is returning to Fannie and Freddie, both of which were placed in... Read More

FHFA Defends its Record of GSE Oversight

The Federal Housing Finance Agency went on a media counter-offensive last week, challenging a critical portrayal in the New York Times of the Bush administration’s national housing policy, its negotiating strategy over GSE reform, and the agency’s oversight of Fannie Mae and Freddie Mac. The newspaper said that the president did foresee the danger posed by the two GSEs and... Read More

FHLBs Urge Subprime Refi Authority be Expanded

The Federal Home Loan Banks would like to see their recently acquired authority to support struggling subprime borrowers’ refinance activity expanded beyond just the HOPE for Homeowners Program. Eight of the 12 FHLBanks spoke in general accord to that effect in public comments submitted to their regulator, the Federal Housing Finance Agency, which sought the input when it issued its... Read More

News In Brief

FHLBank of Cincinnati Adds Another Insurer Member: In another sign of the growing interest Federal Home Loan Banks have been generating among... Fannie and Freddie Require Genworth Remediation Plan: The continuing economic downturn is causing financial losses and job reductions at... NAR Asks GSEs, Regulators For More to Avoid Foreclosures: The National Association of Realtors is calling on federal regulators, Fannie... Read More

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