Tag Archives: Fannie Mae

According to MountainView's announcement, features of the bulk servicing rights portfolio include 100 percent fixed-rate and first lien product, a weighted average original FICO score of 763, a weighted average original LTV ratio of 75 percent, a weighted average interest rate of 3.82 percent, and low delinquencies. The portfolio contains no loans that are more than 90 days late; only 0.41 percent of the loans in the portfolio are between 30 and 59 days delinquent, and only 0.5 percent of the loans are between 60 and 89 days delinquent, according to MountainView.

The bill, introduced by Rep. Marsha Blackburn (R-Tennessee), seeks to “amend the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish a secondary reserve fund for a housing enterprise under conservatorship to protect taxpayers against loss in the event of a housing downturn, and for other purposes."

This will be the second time in as many months that Ocwen has announced an MSR sale on an Agency portfolio of residential loans to Dallas, Texas-based Nationstar. In February, Ocwen announced its intention to sell the MSR on a portfolio of about 81,000 performing residential loans owned by Freddie Mac with a UPB of about $9.8 billion to Nationstar. Combined, the two MSR deals between Ocwen and Nationstar announced in the last two months include about 223,00 Agency residential mortgage loans with $34.8 billion in UPB.

The temporary factors that slowed economic growth include a drawdown in inventory, unusually high snowfall in some parts of the country, and the West Coast port slowdown. Fannie Mae expects the reducing of those factors in the second quarter combined with upbeat labor market conditions and positive consumer and business fundamentals to push GDP growth to 2.8 percent in 2015, ahead of 2014's pace of 2.4 percent.

Features of the 2015 Five Star Government Forum included keynote addresses from U.S. Congressman Randy Neugebauer (R-Texas), Fannie Mae SVP and Chief Economist Doug Duncan, and Freddie Mac Deputy Chief Economist Len Kiefer as well as Five Star President and CEO Ed Delgado's one-on-one interview with Acting FHA Commissioner Biniam Gebre.

Compared to the first and fourth quarter of last year, results show more lenders expect mortgage demand and their profit margin to grow over the next three months. Of the senior mortgage executives surveyed, 69 percent said they felt the economy was on the right track.

Led by Senators Mike Crapo (R-Idaho) and Mark Warner (D-Virginia), a group of colleagues from the Senate Banking Committee introduced the bill, S. 752, today, in an effort to push Congress to get serious about exploring reform options for Fannie Mae and Freddie Mac, according to a press release.

The Urban Institute has released a report discussing the impact of these changes and the likelihood Freddie Mac will need to take another draw from the Treasury. Accord to the report, Fannie Mae and Freddie Mac made a combined profit of over $120 million in 2013. But by 2014 the net profit from both institutions fell by 80 percent, with Fannie Mae profit totaling to $14 billion and Freddie totaling $8 billion. More alarming were Freddie’s fourth quarter profits, which were down 90 percent from just the previous quarter.

At the start of a trial in Manhattan federal court, a lawyer for the Federal Housing Finance Agency said misrepresentations by Nomura and Royal Bank of Scotland Group Plc, an underwriter, about loans underlying $2 billion (1.3 billion pounds) in securities exemplified broader misconduct by banks ahead of the crash.

The 2014 Conservatorship Scorecard expressed the expectation that the Enterprises would work to increase access to mortgage credit for creditworthy borrowers. Fannie Mae and Freddie Mac have since released programs that allow buyers to obtain a mortgage with a 3 percent down payment. In addition to providing better access to borrowers, the report stated improvements in the Enterprises’ risks. The improvements include stronger underwriting standards and stricter purchasing guidelines. For example, 97 percent loan-to-value (LTV) ratio loans must be fixed-rate and cannot have an adjustable rate. This provides a responsible approach to improving access to credit while also furthering safe and sound lending practices.