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Tag Archives: FHFA

FHFA: HARP Accounts for Record 33% of June Refinances

HARP-assisted refinances drove record refinance activity in the month of June, FHFA revealed Tuesday. The agency released its Refinance Report for June 2012, showing that refinance volume remained strong in June as mortgage rates fell to all-time lows. An estimated 33 percent of refinance volume was done through HARP, the highest percentage since HARP's inception. The report revealed that at the end of June, Freddie Mac and Fannie Mae had refinanced 422,969 loans through HARP in 2012, more than the estimated total of 400,000 for all of 2011. This brings the total number of HARP refinances by the GSEs to 1.4 million.

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Housing Scorecard Examines Hobbled Recovery

HUD and Treasury Department released the latest scorecard Friday, providing a look at a market in recovery but threatened by an expected increase in foreclosure activity. According to the report, foreclosure starts and completions both declined in June, painting a picture of continued recovery. However, officials expect foreclosure activity to pick up in coming months as firms lift delays in foreclosure processing.

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DeMarco’s Opposition Stirs Up Principal Reduction Debate

In a long-running debate, Edward DeMarco, acting director of the Federal Housing Finance Agency, stated again this week that he does not support principal reductions and does not endorse their use at Fannie Mae and Freddie Mac. After stating his position, he immediately faced criticism and opposition from a broad spectrum of individuals, especially throughout the government. However, DeMarco's decision received a few words of praise as well.

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HARP Accounts for 20% of May Refinances: FHFA

With the help of record-low mortgage rates, HARP refinances surged in May, accounting for 20 percent of all loans refinanced by the GSEs, FHFA announced Monday. The one in five ratio of loans refinanced through HARP is the largest increase since the program's 2009 inception. The number of underwater borrowers who found relief through HARP also saw a significant increase. Year-to-date through May, 78,273 refinances were completed for underwater borrowers compared to 59,991 refinances for the entire year of 2011.

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Fannie Mae Announces Customer Care Training for Servicers

Fannie Mae is now offering a program to help prevent foreclosures by enabling better relationships between servicers and homeowners, the GSE announced Monday. The program, dubbed Know Your Options Customer Care, is a customer engagement strategy and training program for servicers. Fannie Mae will conduct training sessions for servicer call center employees, provide scripting for homeowner interaction, and help implement ongoing quality control measures.

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ASF Releases White Paper on Single Agency Security Proposal

The American Securitization Forum (ASF) released on Monday a white paper regarding FHFA's proposed single securitization platform, revealing that while originators and investors disagree on how to implement it, they concur that a single agency would be beneficial. The consensus among ASF members was that in order for the GSEs' securities to be exchangeable, standardization would have to occur in four key areas: Loan delivery and pooling requirements; remittance requirements; underwriting guidelines and refinance programs; and servicing standards and loan repurchase policies.

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GAO: Foreclosure Mitigation Efforts Need Improvement

With high foreclosure rates still presenting a major hurdle to housing and economic recovery, GAO conducted a study to evaluate and find opportunities to enhance foreclosure mitigation efforts. The report asserts that government agencies participating in foreclosure mitigation programs need improve their existing strategies to help borrowers. The report specifically addressed loans modified by the Treasury (through HAMP), the United States Department of Agriculture (USDA), FHA, and the GSEs.

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Freddie Mac’s Portfolio Grows Slightly in May, Still Shrinking Overall

Increases in all aspects of Freddie Mac's total mortgage portfolio led to a higher (but still negative) annualized growth rate, according to the GSE's Monthly Volume Summary for May. The summary showed that Freddie Mac's total mortgage portfolio for the month shrank at an annualized rate of 9.4 percent, a drop from 14.1 percent in April but still far above March's 2.9 percent contraction rate. The negative annualized growth rate YTD is 6.8 percent.

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FHFA Resists Transfer Taxes in Illinois and Files Suit

The Federal Housing Finance Agency filed suit Friday against Illinois tax officials for imposing unlawful taxes on Fannie Mae and Freddie Mac. Several Illinois counties have attempted to collect transfer taxes from the GSEs, and some have threatened to reject future property transfers from the enterprises if they do not pay the state and county transfer taxes. Illinois officials have demanded transfer fees from both enterprises. Similar claims and demands have been made from other Illinois counties.

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Fitch: Clarifying Repurchase Triggers Will Aid Housing Recovery

Fitch Ratings released a commentary Thursday asserting that FHFA's plan to clarify the triggers for a loan repurchase request could be a boon for the industry at large. FHFA had made an earlier announcement that the agency intended to clarify its positions on the appropriate triggers for a putback request from Fannie Mae and Freddie Mac. The GSEs have asked for more than $80 billion in flawed loan repurchases from lenders over the past three years. As a result, it has been argued that lenders have raised standards for loans beyond what many homebuyers can achieve. In the commentary, Fitch suggested that laying out putback triggers and reducing putback liability will have an overall positive effect for the housing market.

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