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Tag Archives: Fannie Mae

Analysts: U.S. Default May Crimp GSEs, Close FHA

With recent reports signaling a throwback for public officials involved in debt-ceiling negotiations, housing analysts and market watchers worry about the possible fallout for government-backed mortgages in a default scenario come August. If the federal government defaults on its debt, analysts say, still-brittle mortgage markets will splinter as mortgage rates follow spikes in Treasury yields. Concerns continue to grow after a series of breakdowns between Congress and the White House.

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Freddie Mac: Double-Dip Less Likely

Freddie

On Monday mortgage giant Freddie Mac published its monthly Economic and Housing Market Outlook, revealing a recovery in the rental sector and diminishing possibilities for a double-dip recession, with home sales expected to rise above the same for last year by as much as 3 to 5 percent. Households continued to feel concern over their finances, delaying action on larger-than-average purchases. Moreover, the rental housing market crept by with only a 15.2 percent pickup over the past year and through the first quarter this year.

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New Bill May Extend Conforming Loan Limits

On Monday lawmakers introduced a bill that would extend the current conforming loan limits for another two years a deal that could continue federal insurance for homeowners with high conforming jumbo loans. Rep. John Campbell (R-California) and Rep. Gary Ackerman (D-New York) co-sponsored the bill, titled the Conforming Loan Limits Extension Act, which would fix the limit for jumbo loans backed by GSEs Fannie Mae and Freddie Mac and the Federal Housing Administration at $729,750.

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Global Kinex Appraisal Tech Moves Up

In a statement released Thursday, Global DMS announced that the Uniform Collateral Data Portal would now offer its appraisal process management software to lenders and appraisal companies.

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Companies Eye RMBS, Signaling Comeback

If two companies have their way, residential mortgage-backed securities may make a comeback. BlackRock Inc. and Two Harbors Investment Corporation said they may make a return to AA bond ratings.

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Prudential Mortgage Venture Aims for $1B in CMBS

On Friday lending giant Prudential Mortgage Capital Company announced a joint venture with Perella Weinberg Partners that will allow the two companies to store and originate future commercial mortgage-backed securities (CMBS). Participation in the re-emerging CMBS market is critical to maintaining our leadership position in the commercial mortgage arena, David Twardock, president of Prudential Mortgage, said in a statement.

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Leery Lenders Delay Housing Recovery

Wary of an uncertain economic climate, new regulatory legislation, and the potential for burdensome capital restrictions, the nation's top lenders financed fewer mortgage loans in 2010 than in 2009 to keep their ledgers in the black a cumulative pattern that analysts and news reports say hampers housing and, potentially, recovery in the broader economy. According to analysis conducted by The Wall Street Journal, the 10 largest mortgage lenders in the country denied 26.8 percent of loan applications last year, up from 23.5 percent in 2009.

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Kinecta Offers Servicers Enhanced Mortgages

Kinecta Federal Credit Union released a statement Tuesday announcing that it will repackage HomePath mortgages from Fannie Mae with new incentives and financing terms, with additional incentives offered by the GSE that include revised closing costs and a selling bonus for agents.

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Assured Guaranty Sues Flagstar for $82M

Flagstar Bancorp found itself pitted against bond insurer Assured Guaranty on Monday as the latter sought $82.4 million in damages against it on charges that the Midwestern bank breached the warranties on its home equity loans, according to court documents.

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