National Mortgage News, Feb. 16, 2017–Brian Collins (subscription)Freddie Mac’s net income increased to $4.8 billion in the fourth quarter, more than double what it earned a quarter earlier, the government-sponsored enterprise announced Thursday.
Category: Top National News
U.S. Household Debts Climbed in 2016 by Most in a Decade
Wall Street Journal, Feb. 16, 2017–Josh Zumbrun (subscription)The total amount of debt held by American households climbed in 2016 by the most in a decade, driven by broad and steady increases in credit card debt, auto and student loans, and a fourth-quarter surge to the highest amount of mortgage originations since before the financial crisis.
CMBS Issuance Down as Multifamily, GSE Lending Up
Mortgage Daily, Feb. 21, 2017Estimates were based on an analysis of CRE lending reports issued by the Mortgage Bankers Association.
Fannie Mae Reports $5 Billion in 4Q Net Income
National Mortgage News, Feb. 17, 2017–Jacob Passy (subscription)Fannie Mae reported higher net income in the fourth quarter over the previous year.
Fannie Mae’s Focus Will Not Change with New Administration, CEO Says
National Mortgage News, Feb. 17, 2017–Brad Finkelstein (subscription)The change of power in the White House will not affect Fannie Mae’s focus for 2017 in bringing innovations similar to the Day 1 Certainty program to its customers, CEO Timothy Mayopoulos said in an interview.
Fannie Mae’s Support of Invitation Homes’ IPO Boosts SFR Market
GoRion, Feb. 17, 2017–Kerry CurryFannie Mae’s backing of Invitation Homes’ recently completed IPO bodes well for the future of the single-family rental market as the government-sponsored enterprise’s decision to securitize a $1 billion loan adds an important layer of credibility.
Trump’s In-Laws May Put Fannie Mae, Freddie Mac in Tough Spot
Bloomberg, Feb. 17, 2017–Joe LightKushner Cos. has apartment buildings from New Jersey to Maryland with more than $500 million in government-backed mortgages financed by Fannie Mae and Freddie Mac. That could put officials at those agencies in an awkward spot: If Kushner Cos. applies for a new loan, or wants to refinance, would Freddie turn them down? If Kushner Cos. fails to comply with the terms of a loan, will Fannie seek to foreclose on a property owned by the president’s in-laws?
Nearly $800 Million in GSE Loans for Sale
Mortgage Daily, Feb. 17, 2017Nearly $800 million in distressed government-sponsored enterprise residential loans have been put on the auction block.
MGIC Relaxes Program Requirements
Mortgage Daily, Feb. 21, 2017MGIC has relaxed some of its underwriting guidelines. Among the changes are higher loan-to-value ratios, increased loan amounts and reduced credit scores.
Ocwen Agrees to Big Penalties to Resume Business in California
National Mortgage News, Feb. 17, 2017–Kevin Wack (subscription)Ocwen Financial has reached a deal with California authorities to resolve allegations that the mortgage servicing firm–a frequent target of regulators in recent years–again violated a range of state and federal laws.