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Secondary Market

Big Investors Shore Up Stock in Fannie, Freddie

William A. Ackman, head of Pershing Square, and Bruce Berkowitz, head of Fairholme Capital, have both added to their respective stakes in the two GSEs. In the last week of September, Judge Royce Lambert threw out lawsuits filed by Fairholme and Perry Capital against the government claiming that the sweeping of GSE profits into Treasury was illegal. The judge ruled the sweeping of the profits was legal under the Housing and Economic Recovery Act.

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Investors File Appeal After Dismissal of GSE Suit

Hedge fund Perry Capital has appealed a judge's decision to dismiss a lawsuit filed last year over the sweeping of Fannie Mae and Freddie Mac's profits into the Treasury. The investors believe that the diversion of GSE profits created a "windfall" for the government while short changing GSE shareholders.

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RMBS Class Action to Proceed Against JPMorgan Chase

A ruling issued by a federal judge this week clears the way for investors to proceed with a class-action suit against JPMorgan Chase, meaning that all the investors can be represented by a lead plaintiff in the case. Investors are accusing the bank of misleading them by making false statements regarding the RMBS when the securities were packaged and sold to the investors in 2007, a year before the subprime lending crisis.

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Freddie Mac’s Portfolio Resumes Decline in August

After posting a slight increase in July, Freddie Mac's mortgage portfolio declined at an annualized rate of 0.4 percent over the month of August, according to the GSE's latest monthly volume summary. Year-to-date, the portfolio's annualized growth rate has averaged -1.6 percent, bolstered by declines near or higher than 2 percent in each of the first five months of the year.

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Fannie’s Book Shrinks Some More in August

Fannie Mae's book of business shrank in August at its steepest rate in more than a year, according to the company's latest volume summary. The company reported a compounded growth rate of -4.0 percent in its book for August, putting its total value down to $3.1 trillion. It was the ninth straight month of contraction.

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Chase Claims $868M in Consumer Relief Credit

JPMorgan Chase reports it has completed nearly a quarter of its consumer relief obligations required under a landmark mortgage-backed securities (MBS) settlement last year. According to a report issued Wednesday by the settlement's monitor, Joseph Smith Jr., the megabank expects to be credited for more than $862 million it provided through various borrower relief measures in the second quarter.

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Judge Dismisses Investor Lawsuits Over GSE Profits

Judge Royce Lambert dismissed lawsuits filed in 2013 by investors at Fairholme Funds, led by Bruce Berkowitz, and Perry Capital with regards to the government's "sweeping" of GSE profits into the U.S. Treasury. The investors believed that the diversion of GSE profits created a "windfall" for the government while short changing GSE shareholders.

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Changes in Leadership at Fannie Mae

Government-sponsored enterprise Fannie Mae recently confirmed two high-level personnel changes within the organization. Leslie Peeler, SVP in charge of Fannie Mae's National Servicing Organization, is leaving the GSE for a senior position with IBM's mortgage group. Last week, the GSE also confirmed the departure of COO Terry Edwards, scheduled for early 2015.

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Ginnie Mae Announces Initiatives to Address Mortgage Challenges

Representatives from HUD and Ginnie Mae convened at the second annual Ginnie Mae Summit Monday to discuss initiatives and programs designed to create a healthy housing market. The company's plans indicate it is changing its policies and procedures as part of an ongoing effort to adapt to changes in the housing industry, preserve the integrity of its mortgage-backed securities (MBS) program, reduce risk, and better manage resources.

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