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Home | Tag Archives: Freddie Mac

Tag Archives: Freddie Mac

Freddie Mac Announces Second Seasoned Loan Transaction

Freddie Mac announced Tuesday it has had its second Freddie Mac Seasoned Loan Transaction (SLST) via auction of 1,262 seasoned re-performing loans (RPL) and moderate delinquent loans serviced by Select Portfolio Servicing, Inc. Through its advisors, Freddie Mac began marketing the transaction to potential bidders May 17, 2017, and is expected to settle in July 2017. The winning bidder, Towd Point Master Funding, LLC, was followed by a bid in the high $70s.

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Freddie Mac MSR Changes Hands; Fannie Mae to Follow?

According to a filing with the U.S. Securities and Exchange Commission on Monday, PHH Mortgage Corporation has closed the sale of nearly its entire Freddie Mac portfolio of mortgage servicing rights (MSR) to New Residential Mortgage, LLC—about 81,500 loans. New Residential picked up the portfolio for approximately $110 million. Of that sum, $101.5 million was attributable to the purchase rights for the Freddie Mac MSR portfolio and $8.5 million was for related servicing advances.

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GSE Profit Allocation Decision Could Take a Total 10 Years

In a recent interview, a prominent hedge fund manager said the legal battle with the U.S. government regarding Fannie Mae and Freddie Mac’s profits could last another five years. In 2012, investors sued Fannie and Freddie for agreeing to allocate the profit in a different way than what they thought they agreed to when investing in the GSEs, but recently it’s seemed the government is siding more with the Treasury and Federal Housing and Finance Agency than investors. If the Trump administration doesn’t stop the profit sweep, the fund manager said the Supreme Court could be the next step.

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FHFA Drops Optimistic 2016 Report to Congress

The Federal Housing Finance Agency released recently its exhaustive annual 2016 Report to Congress, where it highlights actions it has taken over the year to support and maintain the nation’s housing industry. The 120 page report covers, amongst others: a report of the annual examination of Fannie Mae and Freddie Mac (The Enterprises), reports of annual examinations of the Federal Home Loan Banks, the results of stress tests under the Dodd-Frank Wall Street Reform Consumer Protection Act. You can find some of the report’s highlights here.

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Freddie Mac Slaps a Price Tag on STACR Deal

Freddie Mac, in conjunction with J.P. Morgan and BNP Paribas as co-lead managers and bookrunners, recently announced the price of its fourth Structured Agency Credit Risk (STACR) debt note offering at $787.5 million. Mortgages in the reference pool have an unpaid principle balance of $31.6 billion. STACR is an ongoing effort to transfer a portion of its mortgage credit risk to private investors.

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The Week Ahead: FOMC to Meet Wednesday

The Federal Open Market Committee and the Federal Reserve Board of Governors Board of Governors are set to meet Tuesday, June 13 and Wednesday, June 14, in Washington D.C.. It will be their fourth meeting of 2017. Janet Yellen, Chair of the Board of Governors, is scheduled to give press conference at 2:30 p.m. eastern time on Wednesday.

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GSEs: Where Should the Money Go?

For four months, the Department of the Treasury, GSEs, and Federal Housing Finance Agency have been in disagreement with Fannie and Freddie investors on where profits should be directed. Though the D.C. Circuit affirmed a lower court’s ruling that actions taken under the FHFA’s conservatorship of the GSEs cannot be challenged in court, the shareholders are now taking matters to the full D.C. Circuit for a rehearing. The FHFA and Treasury are now urging the D.C. Circuit not to modify its original ruling.

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FHFA Sells Over 72,000 NPLs at a Gain of $14.2 Billion

The Federal Housing Finance Agency on Thursday released its third Enterprise Non-Performing Loan Sales Report, which lists all the sales of all non-performing loans from Freddie Mac and Fannie Mae to the private sector through December 31, 2016. The report tracks total loan sales, total number delinquent assents unloaded, and time of delinquency. It also strives to track borrower outcomes and measure how many properties were foreclosed on, how many avoided foreclosure, and the difference between homes that were sold to third parties and benchmark NPLs.

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Credit Risk Transfers: Hot Topic of 2017

Semper Capital, a independent investment management firm, believes that the Credit Risk Transfer market continues to be a compelling investment vehicle. Following the mortgage crisis, the Federal Housing Finance Agency has mandated a number of changes affecting the government-sponsored enterprises (GSEs), reducing the risk of losses that the GSEs may pose to taxpayers. Semper believes that the CRT market remains well supported and the collateral and structural benefits are high.

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