Economy

The mortgage insurer is receiving $528 million of coverage in the event of defaults in a $44 billion loan pool.

Legal experts say it is now more likely that the Supreme Court will strike down the single-director governance framework for Fannie Mae and Freddie Mac’s regulator.

Mortgage rates reached their lowest level this week since Freddie Mac began its Primary Mortgage Market Survey in 1971, but they might not have yet gotten to their floor.

The U.S. economy can escape another decadelong slog back to health if strong public measures or a vaccine curb virus surges, Federal Reserve Bank of San Francisco President Mary Daly said.

In a letter to Director Mark Calabria, 17 organizations requested an additional 60 days to weigh in on the proposal meant to strengthen Fannie Mae and Freddie Mac's balance sheets post-conservatorship.

Multifamily borrowers with loans from Fannie Mae and Freddie Mac will get an extended break for coronavirus-related hardships if they continue to give their tenants relief as well.

Nonbank servicers have been seeking more sources of cash since the coronavirus disrupted markets and elevated forbearance rates. These are some strategies they may be able to use.

Driven Brands is preparing a $175 million asset-backed securities deal that will provide investors with exposure to a relatively safe industry during the coronavirus pandemic.

For banks with assets between $10 billion and $100 billion, the average exposure is 165% of capital.

An article in The Atlantic warning that collateralized loan obligations will be banks’ next downfall overestimates the risk of these securities.

Whatever path Fannie Mae and Freddie Mac take, the Mortgage Bankers Association would like to see them preserve many of the changes they made while in government conservatorship.

The Consumer Financial Protection Bureau plans to change the definition of what constitutes a qualified mortgage from a 43% debt-to-income limit to a price-based threshold, and further extend a temporary exemption given to Fannie Mae and Freddie Mac.

Compared with the week prior, approximately 57,000 fewer loans from all investor types were forborne.

Potential sales last month rose compared with April as homes became more affordable due to low mortgage rates.

New Residential Investment Corp., fresh off a substantial first-quarter reduction of its asset holdings, is now planning to securitize the receivables on its $200 billion servicing portfolio of Fannie Mae-owned mortgages.

The language most frequently spoken by LEP consumers is Spanish, followed by Chinese, Vietnamese, Korean and Tagalog. The Federal Housing Finance Agency's online clearinghouse translates CARES Act forbearance information into these languages.

The FHFA and FHA both announced for the second time that they were delaying the freeze to protect borrowers and renters during the coronavirus pandemic.

Leveraged loans and collateralized loan obligations do not represent an "existential" threat to the global economy or to the U.S. banking system, as some recent highly charged reports have suggested.

The Fed chairman updated senators about the agency's new credit facility for midsize firms struggling in the pandemic. He also left open the possibility of additional stress tests to gauge the industry’s coronavirus response.

As they prepare to exit government conservatorship, Fannie Mae and Freddie Mac have enlisted the investment banks to help them boost capital and evaluate market opportunities.