Agency MBS

Browse articles from all of our Newsletters related to Agency MBS.

March 21, 2019 - IMFnews

Short Takes: The Supremes Rule on Foreclosures and the FDCPA / It’s Good to be King, Unless You’re the CEO of Freddie Mac / Angel Oak Bolsters Office Space Big Time / Tennessee Bank Looking for Non-QM Loans / Two New Directors for Fannie / Correction: Freddie CEO, Not Fannie

Based on Freddie’s annual profits, CEO Don Layton is probably one of the two most underpaid bosses in the world of finance. Soon that distinction will belong to David Brickman...

March 21, 2019 - IMFnews

Agency Servicing Grows in 4Q18 but Banks Say No to the Party

The only soft spot was in the servicing for non-agency mortgage-backed securities…

March 21, 2019 - IMFnews

It’s Official: Freddie Names Dave Brickman CEO, Succeeding Layton. As for His Salary…

Thanks to meddling by Congress, several top executives at the GSEs earn more than the CEO...

March 20, 2019 - IMFnews

Senate Banking Committee Unveils Lineup for Two Days of GSE Reform Hearings

When it comes to GSE reform, it's never too early to call 12 witnesses...

March 20, 2019 - IMFnews

Short Takes: Getting the Industry’s Pulse on GSE Reform / Who Gets to Lead? / Why Phillips Didn’t Get the FHFA Job / The Battle for Risk / Selling Shares in Invitation Homes / Radian Names Dave Stevens to Its Board

Who knows more about GSE reform: the White House or Treasury? We get a sense the two parties don't see eye to eye on everything...

March 19, 2019 - IMFnews

Short Takes: Why the GSE Net Worth Sweep Won’t be Reversed / Recap and Release? / A Much-Watched Profit Reading / Starwood and Impac, a Symbiotic Relationship / Bank Failures, Anyone? / Reverse Lender Hires Sales Chief

Each quarter, GSE profits reduce the federal budget deficit. If that cash is forfeited...

March 15, 2019 - Inside FHA/VA Lending

Around the Industry

Carson to Leave HUD After Trump’s First Term; Ginnie Annual Summit Set; Regulators Reject Request for Hearing on Appraisal Threshold; VA Announces Special Relief for Alabama.

March 15, 2019 - Inside FHA/VA Lending

GSEs, FHA Waging Battle for Subprime Borrowers

The battle among the three main federal housing agencies to attract more borrowers is getting more aggressive, according to the American Enterprise Institute.

March 15, 2019 - Inside FHA/VA Lending

Ginnie Mae Raises Minimum Servicing Spread to 25 Bps

Ginnie Mae’s latest guidance raising the minimum servicing spread will have little impact because most servicers already retain well above the minimum requirement, according to analysts with Keefe, Bruyette & Woods.

March 15, 2019 - Inside FHA/VA Lending

GNMA MBS Production Down Sharply in February

Ginnie Mae issuers produced just $22.84 billion of new mortgage-backed securities in February, the lowest monthly total in nearly five years, according to a new Inside FHA/VA Lending analysis. [Includes two data charts.]

March 15, 2019 - IMFnews

What We’re Hearing: The Changing of the Guard at the FHFA / A Deep Resume / Retained Capital for Fannie and Freddie, a Matter of When? / The Holy Grail / Impac Mortgage, Act III / FHA Moves to Sure Up its Book

An increase in retained earnings is a pre-cursor to GSE “recap and release,” or as Fannie/Freddie investors call it, the Holy Grail…

March 15, 2019 - IMFnews

FHFA’s Otting in a Position to Bolster the Non-Agency Market

SIFMA’s Daniel Goodwin: “Financial regulators must create a level playing field so that entities like the GSEs do not enjoy capital benefits that add to the tilting of the market…”

March 15, 2019 - IMFnews

REITs Add to Agency MBS Holdings, Non-Agency Down

Agency securities accounted for $26.4 billion of the growth in REIT MBS holdings over the course of the year…

March 15, 2019 - Inside MBS & ABS

Mortgage Grapevine

GSE Reform Hearings, Already?; The UMBS is Coming; NAR Pushes ‘Utility’ Plan…

March 15, 2019 - Inside MBS & ABS

SIFMA Finally Signs Off on Uniform MBS

The Securities Industry and Financial Markets Association last week voted “by a substantial majority” to approve the uniform MBS for delivery into the crucial to-be-announced market. The announcement followed months of uncertainty about whether the influential trade group would endorse the single security.

March 15, 2019 - Inside MBS & ABS

Fannie and Freddie WAC Spreads Widening

The difference between the weighted average coupon on Fannie Mae and Freddie Mac MBS soared to an average of 10 basis points in January, with Fannie pools showing consistently higher spreads. According to a report by Wells Fargo Securities last month, the wide gap may be because Fannie is offering sweeter guarantee-fee buy-up/buy-down deals to some issuers.

March 15, 2019 - Inside MBS & ABS

Analysts See Little Impact of Ginnie Servicing Spread Hike

Ginnie Mae’s new rule requiring servicers to maintain a minimum servicing spread of 25 basis points will have very little impact on medium and large servicers, according to analysts with Keefe, Bruyette & Woods.

March 15, 2019 - Inside MBS & ABS

FSOC Rule on Nonbank SIFIs to Impact GSEs?

Earlier this month, the Financial Stability Oversight Council proposed rule changes that would make it more difficult to designate non-banks as systemically important financial institutions. It’s unclear what the new guidance would mean for the nation’s largest nonbanks, Fannie Mae and Freddie Mac.

March 15, 2019 - Inside MBS & ABS

Buyouts from Ginnie Mae Boost Supply of NPLs

Buyouts from Ginnie Mae MBS have replaced vintage subprime mortgages as a major source of nonperforming loans, according to industry participants.

March 14, 2019 - IMFnews

Short Takes: Not the Best Written Indictment? (Manafort) / Bought for $3 Million but Worth $8 Million a Few Years Later / Rates Move Lower / Applications Move Higher / PennyMac’s $200 Million Stock Sale / A New Hire for Gateway Mortgage

Thanks to declining interest rates, lenders are feeling more optimistic these days...

March 14, 2019 - IMFnews

SBC Chairman Crapo Schedules Two Days of Hearings on GSE Reform

NAR would like to see Fannie and Freddie restructured as tightly regulated shareholder-owned utilities...

March 14, 2019 - IMFnews

CFPB Promises to Resolve GSE ‘Patch’ Responsibly

In January, the CFPB released a five-year look-back report assessing the implementation and effect of the ability-to-repay rule…

March 13, 2019 - IMFnews

Phoenix Capital and MIAC Unveil New MSR Auctions

MIAC is also ready to take final bids on a $315.3 million Fannie/Freddie/Ginnie Mae MSR portfolio…

March 13, 2019 - IMFnews

Freddie Mac’s MBS Business Rebounds in February

Fannie Mae saw its monthly MBS output decline by 18.1% from January…

March 12, 2019 - IMFnews

Short Takes: Banking on a GSE Dividend / Maybe Next Time Around / Democrats Put CFPB Chief Kraninger on the Grill / Home Point Expands Correspondent Presence / A New Creative Hire for Guaranteed Rate

Kraninger faced some tough questions from Sen. Warren...

March 12, 2019 - IMFnews

In New Budget, White House Hikes Value of GSE Senior Preferred by 21%

However, there is no detailed explanation on the accounting…

March 11, 2019 - IMFnews

IGs Asked to Investigate GSE Insider Trading Allegations Tied to FHFA/OCC Employees

Two public watchdog groups are demanding an IG probe into possible media leaks and a spike in the stock price of GSE shares...

March 8, 2019 - Inside The GSEs

GSE Roundup

Freddie updates seller guide for income assessment. Stevens joins ProxyPics.

March 8, 2019 - Inside The GSEs

GSE Loans for Kushner Cos.?

Late last month, Bloomberg reported that Kushner Cos., the real estate investment firm owned by the family of President Trump’s son-in-law and senior advisor Jared Kushner, was in negotiations with Fannie Mae and Freddie Mac for as much a $1.15 billion in loans. Some facts, though, make it difficult to know if the story is accurate.

March 8, 2019 - Inside The GSEs

Powell Sets a Floor for the Fed’s Balance Sheet

When the Federal Reserve has finally “normalized” its balance sheet, allowing much of the $4.25 trillion in Treasuries and agency securities that it acquired through quantitative easing to gradually run off, there will still be as much as $1 trillion on the ledger, according to Fed Chairman Jerome Powell’s testimony before the Senate Banking Committee last week.

March 8, 2019 - Inside The GSEs

Rep. Luetkemeyer Flags Risks to GSEs from CECL

The Current Expected Credit Losses standard, a new accounting protocol expected to go into effect in 2020, could have an outsized impact on Fannie Mae and Freddie Mac, according to Rep. Blaine Luetkemeyer, a prominent Republican on the House Financial Services Committee.

March 8, 2019 - Inside MBS & ABS

Fixing the Ginnie Rule on VA Cash-Out Seasoning

The inconsistency between the scope of Ginnie Mae’s loan seasoning guidance and VA’s cash-out interim final rule may require a legislative change, according to Ginnie Mae.

March 8, 2019 - Inside MBS & ABS

Will the UMBS Final Rule Pass Muster with SIFMA?

The Federal Housing Finance Agency last week issued its final rule on the uniform MBS, the single security that Fannie Mae and Freddie Mac will package and sell. Its success, though, may depend on the much-contested definition of the rule: What are “covered programs, policies or practices”?

March 8, 2019 - Inside MBS & ABS

Credit-Risk Transfer Deals Could Expand Beyond GSEs

Industry participants see promise in credit-risk transfer transactions beyond the government-sponsored enterprises, with possible markets developing involving Ginnie Mae, banks, credit cards and auto loans.

March 6, 2019 - IMFnews

Short Takes: Ben Carson to Leave HUD After 2020 Election? / CFPB Hearing / Home Price Appreciation Slows / Mortgage Applications Down / Pinto’s Housing Finance Reform Plan

Housing and Urban Department Secretary Ben Carson said he is planning on leaving his post at the end of President Trump’s first term ...

March 6, 2019 - IMFnews

Final Rule on UMBS Issued; June Launch Date Remains

The Federal Housing Finance Agency last week issued a final rule aimed at improving liquidity of the to-be-announced MBS as well as the new uniform MBS, which makes its debut in early June ...

March 5, 2019 - IMFnews

Short Takes: Freddie Mac Invests $61M in Affordable Housing / AMC Acquires a Title Search Firm / Stevens Joins Tech Company / CFPB Kicks Off PACE Financing Rulemaking

Freddie Mac on Monday initiated three investments in affordable housing managed by National Equity Fund ...

March 1, 2019 - Inside FHA/VA Lending

Ginnie Mae to Step Up Scrutiny with Stress Tests

Concerned with the increasing number of nonbank lenders in the mortgage market and tight liquidity conditions, Ginnie Mae has started developing stress tests for its largest issuers.

March 1, 2019 - Inside FHA/VA Lending

Ginnie Unable to Conform to VA Cash-Out Refi Rule

Ginnie Mae will not be able to conform its pooling requirements to the VA interim final rule on cash-out refinancing because doing so would be contrary to the provisions of the Dodd-Frank reform act, the agency noted.

March 4, 2019 - IMFnews

Short Takes: Pondering the Letter Sent to Joseph Otting / Among the Signors… / More MSR Auctions in the Works / MetLife Has a Nice War Chest of Whole Loans / A New Hire at Gateway Mortgage

More servicing-related auctions are in the pipeline, including a $2.97 billion Fannie Mae/Freddie Mac portfolio from Phoenix Capital...

March 4, 2019 - IMFnews

Agency MBS Production Declined in January but Trading Volume Soared

The bravura performance came during a month when GSE and Ginnie Mae MBS issuance totaled just $80.7 billion…

March 1, 2019 - IMFnews

What We’re Hearing: Throwing Down the Gauntlet on Fannie-Freddie Changes / 27 Trades Sign On / Not One Voice of Concern? / Freddie’s MSR Pilot? / Fixing the Broken Companies / Eli Global and Greg Lindberg Back in the News / Busy Being Named a Director

Is the Senate Banking Committee ever going to hold a hearing on GSE pilot programs?

March 1, 2019 - IMFnews

How Soon Can the Calabria Vote Reach the Senate Floor? May?

One GOP staffer told Inside Mortgage Finance the combination of strong industry support for Calabria, plus the nominee’s “bravura performance” at his confirmation hearing, probably sealed the deal on a quick trip

March 1, 2019 - Inside MBS & ABS

GSE Reform a Priority for Trump Administration

Comprehensive housing-finance reform probably isn’t in the cards anytime soon, but a plan to overhaul the GSEs is, according to industry participants. It remains unclear, though, what changes will be accomplished and whether Congress will pass legislation or if the reforms will be completed via the Federal Housing Finance Agency and the Treasury Department.

February 28, 2019 - IMFnews

Short Takes: A Mega Servicing Deal Approaching? / ‘Goldilocks’ Pricing / The Ditech Portfolio? / Fannie & Freddie Common Take a Rest / FHFA’s Final UMBS Rule / Bell Bank Opens AZ Branch, Mortgages on the Menu

The share price of Fannie Mae and Freddie Mac common has been on a mild downward slope since Feb. 22. Meaning?

February 27, 2019 - IMFnews

Short Takes: HomeBridge Eyes HomeStreet’s Mortgage Network / As for the Mortgage Servicing Portfolio… / Figuring Out the Calabria Vote / A Rally for Ocwen / A Red Hot MSR Market / A Glum Assessment on Mortgages from Joe Garrett & Co.

Ocwen's share price took off like a rocket Wednesday morning...

February 27, 2019 - IMFnews

Pershing Square’s GSE ‘Lottery Ticket’ Riding High

Company documents available on Pershing Square’s website show that as recently as mid-November, Fannie and Freddie were in the “detractor” column…

February 27, 2019 - IMFnews

SFIG Speakers Expect Administrative Reform of the GSEs. Capital Build? Yes

Michael Stegman: “Clearly, there is going to be some kind of capitalization of the GSEs..."

February 26, 2019 - IMFnews

Short Takes: How Fast for Calabria? Very Fast / It Pays to Have a Godfather / What About a ‘Hold’? / Record Attendance at SFIG Vegas / Mixed Opinions on Expanded-Credit

Now for the big question: Will any Democratic senators put a hold on the Calabria nomination?

February 26, 2019 - IMFnews

Calabria Nomination to Head FHFA Clears Senate Banking Committee

It was a party-line vote. Not one Democrat voted for the nominee...


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