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Obama Doesn’t Advance the Ball for GSEs
The Obama administration’s ambitious proposal to create a Consumer Finance Protection Agency, a single regulator to protect consumers in mortgage transactions and other financial services, significantly fails to include any specific plans for Fannie Mae and Freddie Mac, the two most significant players in mortgage finance. “It is impossible to address the issues of the mortgage finance system...
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FHLB of Chicago Grapples With Interest Rates
The Federal Home Loan Bank of Chicago is working to re-orient its business focus more on the use of advances and away from the troubled Mortgage Partnership Finance program, but with advance use by members likely having peaked already, the Bank’s uphill climb doesn’t look to be getting any easier. However, the real long-standing issue for the Chicago FHLBank has been and remains...
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GSE MBS Production Soars in Second Quarter
Heavy refinance activity and a new portfolio management strategy at Fannie Mae pushed GSE mortgage securitization volume to near record levels during the second quarter of 2009. Fannie and Freddie combined to produce a staggering $464.95 billion in new mortgage-backed securities during the second quarter of this year. That marked the third-highest volume of... [Includes one graph]
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CT AG Probes GSEs’ Foreclosure Law Firm Selections
Connecticut Attorney General Richard Blumenthal, in an unpublicized move, has begun probing Fannie Mae and Freddie Mac over their foreclosure and default servicing practices, especially relating to their process for selecting law firms in foreclosure proceedings, Inside The GSEs has learned. Blumenthal is investigating reports that a majority of Connecticut foreclosures are assigned...
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GSE Serious Delinquencies Jumped 19 Percent in 1Q
Fannie Mae and Freddie Mac modified a lot of troubled mortgages during the first quarter, but the number of struggling homeowners who are seriously delinquent took a surprising jump as well. Meanwhile, foreclosure starts shot through the roof. “Mortgage delinquencies continued to increase,” during the period, the Federal Housing Finance Agency said in its first quarter 2009 foreclosure...
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Rising Resistance to GSE HVCC Results in Legislation
The residential mortgage finance industry has been able to leverage growing industry dissatisfaction with the Home Valuation Code of Conduct into the introduction of federal legislation that would impose an 18-month moratorium on the controversial code, which has been administered by Fannie Mae and Freddie Mac since its May 1 effective date. Late last week, Reps. Travis Childers, D-KS, and...
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FHLBs Eyed in Push for GSE Warehouse Support
The Federal Home Loan Banks have surfaced again in discussions mortgage finance industry representatives are having with regulators in their efforts to bolster warehouse lending through a greater utilization of the GSEs. The Mortgage Bankers Association and the Warehouse Lending Project have been spearheading the initiative to tap the GSEs as part of a broader effort to revive the supply of...
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Uncle Sam’s GSE MBS, Debt Buys Exceed $1 Trillion
The federal government has breached a once-unimaginable threshold in its support of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks, pumping $1.104 trillion (gross) into the GSEs via purchases of Fannie and Freddie mortgage-backed securities as well as Fannie, Freddie and FHLBank debt, according to the latest review by Inside The GSEs. Through June, Uncle Sam via the...
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Fraud Reporting Requirement Extended to FHLBanks
The Federal Home Loan Banks will face a more vigorous and uniform mortgage fraud reporting requirement under a proposed regulation issued for comment last month by the Federal Housing Finance Agency.
Under the proposed regulation, Fannie Mae, Freddie Mac, and the 12 FHLBanks would have to report any fraudulent financial instruments that they purchased or sold. Each of the...
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FHLB Advances Face Threat In Covered Bond Legislation
Federal Home Loan Bank representatives were not thrilled to learn that a member of Congress has once again introduced legislation that would put covered bonds on a more equal footing with mortgage-backed securities under rules governing failed banks. The Federal Deposit Insurance Corp. has issued formal policy statements affirming that it would respect the rights of...
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