Tag Archives: FHFA

Refinance volumes dropped in the first quarter to a post-recession low, according to stats released by the Federal Housing Finance Agency (FHFA). Meanwhile, the share of refinances done through the Home Affordable Refinance Program (HARP) continued to pull back, slipping to about 21 percent of total activity.

Despite disappointing home sales in the first quarter of the year as winter storms took their toll, home prices increased 1.3 percent over the first three months of the year on a seasonally-adjusted basis for the purchase-only market, according to the Federal Housing Finance Agency (FHFA). FHFA's principal economist, Andrew Leventis, cited "modest inventories of homes available for sale" as a major factor in the first-quarter increase.

Nearly 12 percent of home purchase loans in today’s market run the risk of default in the event of an economic downturn, according to a new report from the American Enterprise Institute’s (AEI) International Center on Housing Risk. According to AEI, last month’s rising index was caused largely by the Federal Housing Administration (FHA) and Rural Housing Services (RHS) increasing their market share, which was up to an estimated 32.2 percent in April.

The Johnson-Crapo housing finance reform bill, which would phase out Fannie Mae and Freddie Mac in favor of a more limited federal insurer, has passed through the Senate Banking Committee. While the bill always had enough support in the committee to make it to the Senate floor, whether or not it goes any further is the real question.

Now that Director Mel Watt's administration is in full swing, the Federal Housing Finance Agency (FHFA) has released its new strategic plan for the conservatorships of Fannie Mae and Freddie Mac. In its outline, FHFA focused on three tenets going forward for the GSEs: maintain foreclosure prevention activities, reduce taxpayer risk, and build a new, single-family securitization infrastructure.

After staying quiet for months following his swearing-in as head of the agency, Federal Housing Finance Agency (FHFA) Director Mel Watt took the stage at the Brookings Institution this week to outline his own plans for the GSEs. Like FHFA's original Strategic Plan for Enterprise Conservatorships, the newly unveiled plan is built on three blocks: maintain, reduce, and build. However, Watt's revised plan suggests a shift in focus toward broadening credit access.

The Federal Housing Finance Agency (FHFA) released its Quarterly Performance Report for Fannie Mae and Freddie Mac, recording continued improvements as the enterprises see more post-crash business. The Federal Home Loan Bank system had positive earnings as well, noting $2.5 billion of earnings in 2013.

In a recent audit of the Federal Housing Finance Agency's practices commissioned by the agency's inspector general, CohnReznick found that FHFA has "opportunities to further strengthen its oversight of the Enterprises' monitoring of the financial condition of mortgage insurers and their related risk exposure."

Releasing their earnings reports simultaneously, Fannie and Freddie reported first-quarter profits of $5.3 billion and $4.0 billion, respectively—a major step back from incomes reported last year but still a fair amount for what was a slow period for the housing market. Both enterprises have reported profits each quarter for more than two years straight.

A top official for the Federal Housing Finance Agency (FHFA) is looking at a felony charge for allegedly threatening the agency's former acting director, Edward DeMarco. According to a case summary from the District of Columbia Courts website, Richard Hornsby, FHFA's COO, was charged in late April with "[threatening] to kidnap or injure a person," resulting in an order for him to stay away from DeMarco.