Freddie Mac prices first-ever credit risk transfer linked to SOFR
While using the 30-day SOFR as its index, Freddie Mac structured the deal so it could shift to a one-month term if and when that rate is approved.
GSEs
New chair Susan Stewart on the future of the MBA
The CEO of SWBC Mortgage discusses her top priorities for the Mortgage Bankers Association, the election, the CFPB's seasoned QM proposal and what to expect at this week's conference.
Forbearance activity rises for first time in six weeks
Over 3.6 million borrowers sit in coronavirus-related forbearance with portfolio and private-label securitized loans driving the week's increase, according to Black Knight.
Freddie Mac scrubs student-housing, senior living loans from K-Deals
Student housing and assisted/independent living centers were small portions of Freddie's multifamily securitizations prior to COVID, but Kroll noticed they've been missing in most rated deals since spring.
Ginnie Mae forbearance rate flattens
The net share of mortgages in Ginnie Mae securitizations with suspended payments appears to be stabilizing, but the number of new requests creates doubt about whether it will subside.
Oversight council warns of systemic threat from Fannie, Freddie
The Financial Stability Oversight Council said the mortgage giants may need a bigger capital cushion than their regulator has proposed, but stopped short of designating them as “systemically important financial institutions.”
As mortgages in forbearance decline overall, one exception persists
The percentage of borrowers who have asked to temporarily suspend payments due to coronavirus-related hardships is down overall, but in the Ginnie Mae market, they’re still inching up. The overall share of loans in forbearance dropped 8 basis points to 6.93% from 7.01%, according to the Mortgage Bankers Association’s weekly report for Sept. 7-13. However, […]
Calabria to Congress: If you don’t like crisis fee, then fund GSEs
Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.
Growing e-note use catches FHFA watchdog’s attention
Electronic notes did come in handy this year given the mortgage industry's need to operate remotely, but they also increase the government-sponsored enterprises' responsibility for monitoring the risk of multiple counterparties.
Freddie Mac adding more features to digital servicing platform
The government-sponsored enterprise’s seller/servicer guide is now integrated into the online portal. Freddie also improved the readability of loan-level reporting it provides, and has further changes in the works.
Past forbearance will affect borrowers’ ability to get new loans: FHA
The guidelines are somewhat similar to those the Federal Housing Finance Agency established for the government-sponsored enterprise market in response to the high number of loans impacted by coronavirus-related hardships.
Could capital plan for Fannie and Freddie stymie homeownership?
The Federal Housing Finance Agency's proposal could undermine the companies’ mission to support the housing market and penalize consumers in underserved communities, industry and consumer groups say.
FHFA to hold listening sessions on capital plan feedback
Following its deadline for written comments on the topic last month, the Federal Housing Finance Agency is scheduling events that will focus on two key themes emerging in responses.
Arch prices $432M PMI-linked notes offering
Arch's second CRT transaction this year to obtain indemnity reinsurance for mortgage-insurance premiums comes at a time it is also experiencing rising 60-plus-day delinquencies on its outstanding securitized pools.
By
Glen Fest
Agencies extend freeze on foreclosures and evictions to end of year
Both the Federal Housing Finance Agency and Federal Housing Administration are extending relief for homeowners and renters due to the pandemic crisis.
Fannie and Freddie pushing COVID refi fee to December
The mortgage giants were criticized earlier this month for a plan to charge an "adverse market fee" to protect against losses resulting from the pandemic.
GSE, fair-lending policies could look radically different if Biden wins
If Trump is reelected, his administration would likely move forward with privatizing Fannie Mae and Freddie Mac and relaxing key rules, while a Joe Biden presidency would likely try to expand homeownership access and borrower protections.
Third upsized Freddie Mac deal confirms CRT demand is back on track
There were questions about the GSEs' use of structured credit risk transfers in the single-family market given an earlier pandemic-related market disruption.
Refi fee will wipe out millions in mortgage profits
Lenders initially won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in.
Fee to shield Fannie, Freddie from COVID losses draws instant backlash
The new “adverse market fee” for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn’t necessary and will hurt borrowers’ ability to tap into low rates.
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