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GSE Refinance Program Continues Modest Gains In Late 2009, But High LTV Option Little Used
More borrowers were able to refinance through Fannie Mae and Freddie Mac programs targeted to equity-strapped homeowners in late 2009, adding more flavor to what proved to be an unusual year in mortgage refi activity. According to data from the Federal Housing Finance Agency, some 34,458 borrowers used the Home Affordable Refinance Program to get a new loan through Fannie and... [Includes one chart]
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Private MIs’ Bumpy Ride Continues in 2010 as Mortgage Industry Woes Linger, Analysts Say
The private mortgage insurance industry’s roller-coaster ride is expected to continue in 2010, propelled by rising mortgage delinquencies, unemployment, increased foreclosures, more policy rescissions and with a few bright spots due to ongoing loan modification efforts. Analysts at Keefe, Bruyette & Woods and Fitch Ratings are less than optimistic in their outlook for...
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Agencies Likely to Keep Their Focus on Risk Management in 2010, Try to Mitigate Losses
The federal government agencies that have dominated the mortgage market for the past two years show no signs that they will lead the market toward a more relaxed approach to credit that could boost production levels this year. New leadership at the Department of Housing and Urban Development is trying to balance the sometimes competing interests of stimulating the housing market and managing...
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Congressional Support for Covered Bonds Legislation Grows as Backers Hope Third Time is the Charm
Supporters of covered bonds hope the continuing struggles in the U.S. housing market, stagnation in the credit markets and lingering uncertainty about what to do with Fannie Mae and Freddie Mac will convince policymakers to establish a legal framework for covered bonds in this country. “We have tried at least two times before to bring covered bonds to the attention of the U.S. market...
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Re-Purchased Mortgages Are Only Sector Growing in Fannie and Freddie Portfolios
The retained mortgage portfolios of Fannie Mae and Freddie Mac gradually shrank over the course of 2009, ending the year at their lowest levels since they were thrown into government conservatorship back in the third quarter of 2008. Together, the two government-sponsored enterprises held $1.528 trillion in their retained mortgage portfolios at the end of... [Includes one chart]
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