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Inside The GSEs

April 10, 2020

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Calabria Says ‘No’ to Mortgage Servicers

An FHFA spokesperson said that, while Director Mark Calabria hasn’t issued a specific directive on providing credit, he has made it very clear that Fannie and Freddie must prioritize their own safety and soundness. Read More

Will the Fed Step In to Help Nonbank Servicers?

Analysts estimate that GSE forbearance programs will ultimately cost servicers between $80 billion and $150 billion in advances and escrow payments, bolstering the theory that only the Federal Reserve has the wherewithal to provide interim financing. Read More

Is a Forbearance Tsunami Likely to Occur?

In a survey of its members last week, the Mortgage Bankers Association found that the percentage of loans in forbearance rose from just 0.25% on March 2 to 2.66% by April 1, nearly a tenfold increase. Read More

GSE MBS Volume Softens in 1Q20, Bank Share Rebounds

Nonbank market share declined slightly in the first quarter largely because depository institutions were selling older loans to Fannie and Freddie. Refi business ramped up in March. (Includes two data charts.) Read More

Industry Group Calls for Mark-to-Market Suspension

The Real Estate Roundtable urged regulators to suspend mark-to-market rules as the industry fights off the economic impact of the coronavirus. Read More

Don Layton’s Unconventional Cure for the Liquidity Crisis

Former Freddie Mae CEO Don Layton suggests short- and long-term solutions for the liquidity problems faced by nonbank mortgage servicers. Read More

Milbank to Advise FHFA on Ending Conservatorships

Milbank has won a one-year, $3 million contract from the FHFA to provide legal services related to ending the conservatorships. Read More

Freddie Prices K-Deals Worth $1.7 Billion

Freddie Mac priced two K-deals, which include separate floating-rate tranches linked to LIBOR and SOFR. Read More

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