Heavy refinance volume pushed Fannie/Freddie MBS production to $175.5 billion in April, one of the highest monthly totals in GSE history. Nonbanks continued to lead the charge. (Includes two data charts.)
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The GSEs’ showing in the first quarter only reflects one full month of the impact of the coronavirus crisis. As potentially millions more homeowners stop paying their mortgages, the enterprises face the prospect of an even more challenging second quarter. (Includes data chart.)
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Most of the FHLBanks’ COVID-19 relief programs have been initiated at the district level, resulting in considerable variations in scale and generosity.
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Freddie Mac believes the market for credit-risk transfers may never return to pre-COVID levels because of the potential impact of the pandemic on mortgage performance.
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Small and women/minority-owned suppliers serving Freddie Mac will receive payment on their invoices at least 20 days earlier than stipulated in their contracts.
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CFPB COO Kate Fulton will take charge as FHFA COO at the end of May. The agency’s acting COO, Lawrence Stauffer, will return to his previous role as special advisor in the Division of Resolutions.
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