Freddie upped its share of GSE single-family MBS issuance with a 7.5% increase from September, while Fannie’s monthly volume slid 3.0% last month. (Includes two data charts.)
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The FHFA director said Fannie Mae and Freddie Mac may fully exit conservatorship as early as 2022. Meanwhile, on FHLBank membership to non-banks, Calabria said the agency will soon be putting out a request for information.
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The legislation appears to be a de facto extension of the qualified-mortgage patch, according to Cowen analyst Jaret Seiberg. He said the bill could be positive for housing by ensuring the supply of mortgage credit is not constrained.
A District Court judge ordered the Treasury Department to produce all documents attached to subpoenas. He also asked the Treasury to produce a log of any documents withheld based on an assertion of privilege.
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Treasury claims the GSEs’ unfair advantage is because of their capital treatment. Urban Institute researchers say it’s because of the government backstop of their credit risk.
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Over the last decade, the U.S. has averaged nearly 56,000 wildfires a year, covering more than 6.5 million acres, and destroying thousands of homes. The problem is acute enough that discussions are underway to create a reinsurance market for wildfire damage.
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The transaction is structured so that Fannie retains the first 40 basis points of losses. Once the $42 million retention layer is exhausted, re-insurance will cover the next 375 bps of losses.
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