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Inside The GSEs

March 27, 2020

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Coronavirus Casts Huge Shadow on GSE Business

States with shelter-in-place orders accounted for 75% of the single-family home loans securitized by Fannie and Freddie last year, and 81% of jobless claims filed last week. (Includes data chart.) Read More

We’ve Got Two Months to Fix This: Calabria

If the coronavirus crisis goes on for more than six to eight weeks, FHFA Director Mark Calabria sees mortgage servicers under “a lot of stress.” Read More

Fed MBS Purchases Pause Mortgage Market Skid

Federal Reserve operations this week swallowed up more than $39.8 billion in agency MBS, including about $31.7 billion in uniform MBS. Read More

GSEs and the Dollar Roll Shuffle (Also Happened)

The Federal Housing Finance Agency this week temporarily allowed Fannie and Freddie to finance mortgage-backed securities. Read More

FHFA Puts Capital Rule on Hold

One of the early casualties of the coronavirus outbreak is the much-anticipated, re-proposed capital rule for Fannie Mae and Freddie Mac. Read More

Appraisals and Income Verification Guidance Amid COVID-19

Fannie and Freddie are providing “alternative flexibilities” to reduce the need for appraisers to inspect the interior of a home. Read More

Multifamily Borrowers and Renters also Get Relief

The GSEs have extended their forbearance programs to include multifamily borrowers and renters experiencing hardship due to COVID-19. Read More

FHFA Directs Enterprises to Wind Down Up-Front CRT

One mortgage REIT is already feeling the effects of the GSEs’ move to unwind an obscure credit-risk transfer program by yearend. Read More

FHLBank Advances Decline; Wells, Chase Pare Holdings

Banks and thrifts held $482.5 billion of advances from the Federal Home Loan Bank system in the fourth quarter of 2019, a 3.3% sequential drop. (Includes data chart.) Read More

GSE Roundup

FICO subject of DOJ antitrust probe; Fannie board member to head OCC; Freddie discontinues LIBOR-linked debt. Read More

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