With volumes down slightly for the quarter, depositories experienced a slight increase in their market share. But nonbanks still account for more than 68% of total GSE loan sales. (Includes two data charts.)
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Biden’s FHFA nominee Sandra Thompson has made it clear that the agency can’t end the conservatorships without help from the Departments of Treasury and Justice and, most importantly, Congress itself.
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In April, Fannie and Freddie will begin charging sharply higher LLPAs on second-home and high-balance mortgages. The change is likely to expand non-agency securitizations at the expense of Fannie and Freddie.
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Fed Chair Jerome Powell told the Senate Banking Committee that the central bank could begin to reduce its portfolio of Treasuries and mortgage bonds later this year.
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Freddie veterans Steve Lineberger and Meg McElgunn will run the Western and Central districts as well as the Northeastern and Southeastern districts.
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Multifamily caps have kept Fannie and Freddie from expanding their footprint in the apartment market, which grew by 25% in 2021 and is expected to expand by as much as 11% this year.
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When-Issued certificates allow the enterprise to advance fund the guaranteed portions of its signature K-deals. That means Freddie can transfer market risk while pooling collateral for its MBS.
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Don Layton believes the new 2022 loan limits will cause home prices to increase even more, but the politicization of the housing-finance system makes it unlikely FHFA will be able to do anything about it.
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