GSEs
FHFA announces further extension of COVID-related mortgage relief
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The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.
Forbearances Post Typical Mid-Month Increase
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Posted To: MND NewsWire

Black Knight reports a second increase in the number of loans in pandemic related forbearance plans in as many weeks. Forborne loans rose by 21,000 during the week ended February 23 after falling below 2.7 million for the first time since last April earlier this month. The company said such mid-month increases have been typical in recent months. At of the end of the reporting period there were 2.7 million homeowners in active plans, 5.1 percent of those with a mortgage, and representing an aggregate unpaid balance of $537 billion. The largest increase in active plans was among those serviced for bank portfolios and private label securities (PLS) which grew by 16,000 loans or 2.4 percent growth. The number of VA an FHA loans in forbearance rose by 7,000 or 0.6 percent. The combined Fannie Mae...(read more)

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Freddie Mac’s single-family CRT soared to record-high despite pandemic
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The $16.9 billion in issuance marked the biggest annual number seen since the government-sponsored enterprise reconstituted its risk sharing program in 2013.
Forbearances drop as extensions provide a ‘smooth transition’
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Independent mortgage banker recovery drove the weekly decrease in forbearance share, according to the Mortgage Bankers Association.
Forbearances rise with ‘likely limited’ recovery ahead
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Moratorium extensions helped drive a weekly increase in forbearances, according to Black Knight.
Fannie/Freddie Report Record Growth for 2020
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Posted To: MND NewsWire

Both Fannie Mae and Freddie Mac (the GSEs) reported strong financial results in the fourth quarter of 2020 and significant growth in their net worth which, for the first time in their 12 years in conservatorship, they have an unlimited capacity to grow. Fannie Mae's net and comprehensive income was $4.6 billion in the fourth quarter and $11.8 billion for the entire year. The quarterly net and comprehensive incomes were both about $300 million higher than in Q3, but the full year fell well short of the 2019 total net of $14.2 billion and comprehensive of $14 billion. Revenues were higher at $6.3 billion for the quarter and $21.9 billion for the year. The net revenues for the two earlier periods were $5.9 billion and $18.5 billion, respectively. The company said the decline in net and comprehensive...(read more)

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Fannie/Freddie Report Record Growth for 2020
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Posted To: MND NewsWire

Both Fannie Mae and Freddie Mac (the GSEs) reported strong financial results in the fourth quarter of 2020 and significant growth in their net worth which, for the first time in their 12 years in conservatorship, they have an unlimited capacity to grow. Fannie Mae's net and comprehensive income was $4.6 billion in the fourth quarter and $11.8 billion for the entire year. The quarterly net and comprehensive incomes were both about $300 million higher than in Q3, but the full year fell well short of the 2019 total net of $14.2 billion and comprehensive of $14 billion. Revenues were higher at $6.3 billion for the quarter and $21.9 billion for the year. The net revenues for the two earlier periods were $5.9 billion and $18.5 billion, respectively. The company said the decline in net and comprehensive...(read more)

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Forbearances at lowest level since April, but further drops in doubt
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The Federal Housing Finance Agency's recent allowance of a 3-month extension of CARES Act forbearances stands to upend the trend in plan exits.
Fannie Mae’s 2020 earnings fall due to COVID-related credit expenses
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While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity.
FHFA Extends Forbearance Periods an Extra Three Months
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Posted To: MND NewsWire

Most of the accommodations that have been allowed lenders and borrowers by the Federal Housing Finance Agency (FHFA) due to the COVID-19 pandemic were modified or extended this past week. FHFA, the regulator and conservator of the GSEs Fannie Mae and Freddie Mac, extended eligibility for mortgage forbearance by three months. Forbearance allows homeowners who are financially impacted by the pandemic, to temporarily reduce or forego mortgage payments. It has been available for three-month terms with extensions available up to a total of 12 months. Existing plans would begin reaching that deadline at the end of March but FHFA has now authorized an additional three-month term , a total of 15 months. An estimated 2.7 million homeowners are in active plans. The COVID-19 Payment Deferral allows forborne...(read more)

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