A number of top nonbank servicers saw significant increases in their Fannie/Freddie servicing portfolios, while most big banks saw declines. The GSE market continued to fragment. (Includes two data charts.)
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The amended preferred stock purchase agreement provides Treasury with a liquidation preference, which undermines the GSEs’ ability to afford an exit from conservatorship.
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Mortgage insurers have endorsed the proposed guidelines, even arguing the process should be made more transparent and objective. However, Quicken believes it will stifle innovation by the GSEs.
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Four and a half years after the OIG recommended that FHFA notify GSE directors of supervisory concerns, the agency continues to notify Fannie and Freddie management instead.
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The FHFA is looking for stakeholder views on the risks faced by the GSEs and the supervisory and regulatory framework necessary to meet these challenges.
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Fannie financed $76 billion through its Delegated Underwriting and Servicing program, while Freddie pumped out $82.5 billion in loan purchases and guarantees.
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Freddie’s multifamily structured credit risk notes are structured on actual losses. Previous issuances were based on a fixed-severity formula, which created a gap between when losses were booked and reimbursed.
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