The GSEs Are Helping to Stabilize an Unstable Mortgage Market
|
|
- Albert Kelley
- 8 years ago
- Views:
Transcription
1 Update on the Single-Family Credit Guarantee Business Rick Padilla Director, Corporate Relations & Housing Outreach The Changing Economy: The New Community Lending Environment June 1, 29 The GSEs Are Helping to Stabilize an Unstable Mortgage Market The mortgage market continues to be plagued by falling house prices, rising loan delinquencies, a credit crunch, and a deep recession Freddie Mac and Fannie Mae are helping to offset these effects by: Supporting most new home loans Keeping mortgage rates low for homebuyers Helping homeowners in financial difficulty avoid foreclosure Under conservatorship, the GSEs are able to focus on supporting mortgage markets 2 1
2 House Prices Have Continued to Decline U.S. Quarterly Percentage Growth Q1'5 Q3'5 Q1'6 Q3'6 Q1'7 Q3'7 Q1'8 Q3'8 Source -- Freddie Mac. Based on Freddie Mac s SF portfolio. 3 A Large Inventory of Unsold Homes Has Slowed A Housing Recovery K Thousands Homes for Sale in Excess of Historic i Norms Source U.S. Census Bureau. Reflects 4Q figures/year. 4 2
3 Mortgage Delinquencies Have Been Rising Percent Serious Mortgage Delinquency Rate (All Loans) 1Q '5 2Q '5 3Q '5 Source MBA 4Q '5 1Q '6 2Q '6 3Q '6 4Q '6 1Q '7 2Q '7 3Q '7 4Q '7 1Q '8 2Q '8 3Q '8 4Q '8 5 Federal Policymakers Are Relying on GSEs to Support the Housing Market Placed Freddie and Fannie in conservatorship Enable GSEs to continue supporting mortgage markets Inject capital as needed (up to $2 billion per GSE) Provide a liquidity backstop Using GSEs to help implement the President s Homeowner Affordability & Stability Plan Help reduce mortgage rates Spur mortgage refinancing Expand loan modifications Purchasing up to $1.25 trillion in GSE MBS to further reduce mortgage rates and enhance market liquidity 6 3
4 During A Time of Market Volatility, We Are Focused on Being A Reliable Partner Provide essential liquidity Promote responsible lending Sustain homeownership 7 We Provide Liquidity through Single Family Credit Guarantees $ in Billions Single-Family il PC Portfolio $1.83 T $838 B Source -- Freddie Mac annual reports and monthly volume summaries 8 4
5 The GSEs Are A Consistent Source of Liquidity Percent of MBS Issuances 28 74% % 6% Private Label Ginne Mae GSEs 9 Refis Are Producing A Surge in Our Volumes 6 $ in Billions 29 Single-Family Purchases 4 2 Jan Feb March April Source -- Freddie Mac monthly volume summaries 1 5
6 GSEs Are Keeping Conforming Rates Lower 2 15 bps Effective Spread Between Jumbo and Conforming 3-Year FRM Record: 184 bps 12/19/8 Subprime Crisis 1 5 S&L Crisis Recession 21 Recession Current: 142 bps 5/1/9 Iraq War Source: HSH Associates. Rates as of Feb. April 3, 29. Effective spread adds fees and points. 11 New Super-Conforming Offering Will Further Expand Our Liquidity Congress has modified GSE loan limits $417, conforming $729,75 super conforming in high-cost areas (29 only; resets to $625, in 21) Executions Cash Guarantor Super-conforming TBA eligible (up to 1 percent of loan pool) Loan Prospector and Selling System updates 12 6
7 We Are Promoting Responsible Lending Practices Focus on the credit parameters of individual loans Define appropriate credit characteristics Apply three C s of underwriting Factor in housing market conditions Make credit policies durable Enhance the lender process to validate loan information Inform the industry of the increasing errors we are seeing Distribute tools to improve collateral accuracy and detect fraud Ensure compliance with underwriting requirements and guidelines (e.g., new Home Valuation Code of Conduct) 13 We Are Also Working to Sustain Homeownership In 28, increased foreclosure alternatives by 69 percent to 88, loans Boosted in-house Servicing staff by 6 percent Increased financial incentives to Servicers Extended foreclosure timelines in 21 states to 3 days Implemented REO rental program 14 7
8 GSEs Support A Majority of Home Loans but Comprise A Small Share of All Delinquencies Freddie Mac 7% 24% Fannie Mae Lender Portfolios Ginnie Mae/FHA 13% 15% 11% 11% 11% 33% Non-Agency MBS 15% 5% % 1% 2% 3% 4% 5% 6% Share of All Serious Loan Delinquencies Share of All Loans Outstanding Sources -- Fed Flow of Funds, Freddie Mac, Fannie Mae, MBA, First American. Data as of 4Q 28. Delinquencies are 9+ days or in foreclosure. Other not reflected on the chart represents 3% of MDO and 8% of serious delinquencies. 15 We Are Implementing the President s Making Home Affordable Plan New product: Freddie Mac Relief Refinance Mortgage SM Who is it for? Homeowners who are current and would benefit from refis, including those with underwater mortgages Loans already owned or guaranteed by Freddie Mac Features Simplified refis for loans up to 15 LTV Rep-and-warrant relief (collateral only) for loans using HVE No new or increased mortgage insurance Minimal delivery fees 16 8
9 Loan Modification Is Also Part of the President s Plan Administration initiative: Home Affordable Modification Freddie Mac s Role Help at-risk homeowners where lower mortgage payments could prevent foreclosure Target loans already owned or guaranteed by Freddie Mac Features More aggressive loan modification directive Reduce borrower mortgage payments to as low as 31% DTI Additional financial incentives for Servicers Suspend foreclosure sales for those eligible for this program 17 The Net Effect of All Our Activities Stabilize an unstable housing finance system Keep mortgage markets liquid for lenders Keep mortgage rates low for homebuyers Reduce foreclosures for homeowners 18 9
10 1
Making Home Affordable: New Challenges, New Tools
Making Home Affordable: New Challenges, New Tools Todd Hempstead Senior Vice President, Single-Family Mortgage Business Fannie Mae June 2009 1 What I ll cover today Challenges facing our communities Fannie
More informationMaking Home Affordable Updated Detailed Program Description
Making Home Affordable Updated Detailed Program Description The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout
More informationFOR IMMEDIATE RELEASE November 7, 2013 MEDIA CONTACT: Lisa Gagnon 703-903-3385 INVESTOR CONTACT: Robin Phillips 571-382-4732
FOR IMMEDIATE RELEASE MEDIA CONTACT: Lisa Gagnon 703-903-3385 INVESTOR CONTACT: Robin Phillips 571-382-4732 FREDDIE MAC REPORTS PRE-TAX INCOME OF $6.5 BILLION FOR THIRD QUARTER 2013 Release of Valuation
More informationSupport Under the Homeowner Affordability and Stability Plan: Three Cases
Support Under the Homeowner Affordability and Stability Plan: Three Cases Family A: Access to Refinancing In 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the
More informationThe Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners March 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners July 2014 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners April 2014 U.S. Department U.S Department of Housing of Housing and Urban and Urban Development Development
More informationObama Administration Efforts to Stabilize the Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners March 21 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department
More informationFederal Housing Finance Agency
Fourth Quarter 20 FHFA Federal Property Manager's Report This report contains data on foreclosure prevention activity, refinance and MHA program activity of Fannie Mae and Freddie Mac (the Enterprises)
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners June 2013 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners July 2013 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners August 2013 U.S. Department of Housing and Urban Development Office of Policy Development Research U.S Department
More informationThe Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize the Housing Market and Help American Homeowners February 2015 U.S. Department of Housing and Urban Development Office of Policy Development and Research
More informationREALTORS Guide to FORECLOSURE RESOURCES
REALTORS Guide to FORECLOSURE RESOURCES Federal & State Programs That May Help Those Facing Foreclosure Making Home Affordable Program Designed to assist families who may face foreclosure, the federal
More informationNCSHA Conference Washington, DC. Ted Tozer January 16, 2014
NCSHA Conference Washington, DC Ted Tozer January 16, 2014 0 Overview U.S. Government-owned corporation within HUD Guarantee Mortgage-Backed Securities (MBS), which raise funding for virtually all loans
More informationA Presentation On the State of the Real Estate Crisis 1/30/2009
A Presentation On the State of the Real Estate Crisis 1/30/2009 Presented by Mike Anderson, CRMS President, Essential Mortgage, a Latter & Blum Realtors Company Immediate past president/legislative Chair
More informationHome Affordable Refinance Program
Home Affordable Refinance Program Blake Hampton Fannie Mae Single Family Mortgage March 6, 2013 1 Fannie Mae s Refi Plus Initiative Fannie Mae provides Fannie Mae-to-Fannie Mae streamlined refinance flexibilities
More information2015 Scorecard 2015 SCORECARD FOR FANNIE MAE, FRED DIE MAC AND COMMON SECURITIZATIO N SOLUTIONS. January 2015. Division of Conservatorship
2015 SCORECARD FOR FANNIE MAE, FRED DIE MAC AND COMMON SECURITIZATIO N SOLUTIONS January 2015 Division of Conservatorship 1 2015 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions
More informationStatement of Edward L. Golding Senior Vice President Economics and Policy Freddie Mac
Statement of Edward L. Golding Senior Vice President Economics and Policy Freddie Mac Hearing of the Philadelphia, PA Chair Warren and members of the, thank you for inviting me to speak today. I am Edward
More informationWBA Overview of New Homebuyer Credit and Recent Government Loan Programs. First-Time Home Buyer Tax Credit
WBA Overview of New Homebuyer Credit and Recent Government Loan Programs First-Time Home Buyer Tax Credit Additional Resources: www.federalhousingtaxcredit.com/2009 http://www.irs.gov/newsroom/article/0,,id=202222,00.html
More informationSelling Guide Announcement SEL-2011-12
Selling Guide Announcement SEL-2011-12 Updates to Refi Plus and DU Refi Plus November 15, 2011 The Federal Housing Finance Agency (FHFA) recently announced changes to the Home Affordable Refinance Program
More informationThe Causes of the Financial Crisis and its Consequences
The Causes of the Financial Crisis and its Consequences Peter J. Wallison June 18, 2010 Presentation to the IPAA, Colorado Springs What Happened Timeline of the Financial Crisis Timeline of Financial
More informationProposal to Allow Treasury to Buy Mortgage- Related Assets to Address Financial Instability
Order Code RS22957 September 22, 2008 Proposal to Allow Treasury to Buy Mortgage- Related Assets to Address Financial Instability Summary Edward V. Murphy Analyst in Financial Economics Government and
More informationA Privatized U.S. Mortgage Market
A Privatized U.S. Mortgage Market Dwight Jaffee Haas School of Business University of California, Berkeley Presented to Conference on The GSEs, Housing, and The Economy Reagan Center, Washington DC, January
More informationFannie Mae Reports Pre-Tax Income of $8.1 Billion for First Quarter 2013
Resource Center: 1-800-732-6643 Contact: Pete Bakel 202-752-2034 Date: May 9, 2013 Fannie Mae Reports Pre-Tax Income of $8.1 Billion for First Quarter 2013 Release of Valuation Allowance on Deferred Tax
More informationHousing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets ( HFA Hardest-Hit Fund ) Frequently Asked Questions.
Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets ( HFA Hardest-Hit Fund ) Frequently Asked Questions March 5, 2010 On February 19, 2010, President Obama announced $1.5 billion
More information6/18/2015. Sources of Funds for Residential Mortgages
Sources of Funds for Residential Mortgages McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. 11-2 11-3 11-4 Formerly backbone of home mortgage finance Dominated mortgage
More informationCommercial Real Estate Finance
ONE VOICE. ONE VISION. ONE RESOURCE. MBA RESEARCH DATANOTE Sources of Commercial and Multifamily Mortgage Financing in 216 Jamie Woodwell Vice President, Commercial Real Estate Research Mortgage Bankers
More informationHousing & Government Sponsored Enterprises. FY 2017 President s Budget
Housing & Government Sponsored Enterprises FY 2017 President s Budget February 9, 2016 Table of Contents Section 1 Purpose... 3 1A Mission Statement... 3 1.1 Program Account Summary... 3 1.2 Financing
More informationUpdate on Market Challenges
Update on Market Challenges Charlottesville Area Association of Realtors August 6, 2009 Virginia Housing Development Authority Four inter-related factors continue to hold back recovery in the Charlottesville
More informationOpening Doors For Muslim Families In America
Fe r d de i M a c We Open Doors Opening Doors For Muslim Families In America Saber Salam Vice President, Freddie Mac April 2002 Introduction The dream of homeownership is at the core of American society.
More informationQuestions and Answers for Borrowers about the. Homeowner Affordability and Stability Plan
Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan Borrowers Who Are Current on Their Mortgage Are Asking: 1. What help is available for borrowers who stay current
More informationTHE WHITE HOUSE Office of the Press Secretary. FACT SHEET: President Obama s Plan to Help Responsible Homeowners and Heal the Housing Market
THE WHITE HOUSE Office of the Press Secretary FACT SHEET: President Obama s Plan to Help Responsible Homeowners and Heal the Housing Market In his State of the Union address, President Obama laid out a
More informationSecondary Mortgage Market Policy Fannie Mae to QRM. Kevin Park PLAN 761 September 19, 2012
Secondary Mortgage Market Policy Fannie Mae to QRM Kevin Park PLAN 761 September 19, 2012 History of Mortgage Lending Traditional Bank Lending e.g., Bailey Building and Loan Association Mortgage Payments
More informationSecuritizing Reperforming Loans into Agency Mortgage Backed Securities: A Program Primer
Securitizing Reperforming Loans into Agency Mortgage Backed Securities: A Program Primer Fannie Mae recently announced plans to securitize single-family, fixed-rate reperforming loans (RPLs) into Agency
More informationFigure 1: The Traditional Lending Process. Mortgage Lenders
Figure 1: The Traditional Lending Process Mortgage Lenders 1 Figure 2: The End of the Stable Interest Rate Environment 20.0 18.0 16.0 percent Recession 14.0 30-Yr Fixed Rate Mortgage 12.0 10.0 8.0 6.0
More informationValuation for Mortgage Lending in North America and Lessons for Europe. Presented to The European Group of Valuers Associations Berlin -- April 2015
Valuation for Mortgage Lending in North America and Lessons for Europe Presented to The European Group of Valuers Associations Berlin -- April 2015 Home Ownership in the U.S. 14% of the U.S. population
More informationFannie Mae: A Cheap Strategy to Improve Performance andProvidibility
Contact: Pete Bakel 202-752-2034 Date: April 2, 2013 Resource Center: 1-800-732-6643 Fannie Mae Reports Largest Net Income in Company History; $17.2 Billion for 2012 and $7.6 Billion for Fourth Quarter
More informationFreddie Mac Relief Refinance (HARP) Mortgage SM Overview for Housing Counselors March 6, 2013
Freddie Mac Relief Refinance (HARP) Mortgage SM Overview for Housing Counselors March 6, 2013 Robin Stout Migala Freddie Mac Housing & Community Outreach Freddie Mac 2013 1 Home Affordable Refinance Program
More informationHOME AFFORDABLE MODIFICATION PROGRAM BASE NET PRESENT VALUE (NPV) MODEL SPECIFICATIONS
Overview HOME AFFORDABLE MODIFICATION PROGRAM BASE NET PRESENT VALUE (NPV) MODEL SPECIFICATIONS As a part of the Making Home Affordable Program, we are providing standardized guidance and a base net present
More informationFreddie Mac Relief Refinance Mortgages SM Supporting HARP. Laurie Redmond Vice President, Offerings Effectiveness Freddie Mac January 17, 2013
Freddie Mac Relief Refinance Mortgages SM Supporting HARP Laurie Redmond Vice President, Offerings Effectiveness Freddie Mac January 17, 2013 Freddie Mac Relief Refinance Mortgages Freddie Mac Relief Refinance
More informationFannie Mae Reports Comprehensive Income of $84.8 Billion for 2013 and $6.6 Billion for Fourth Quarter 2013
Resource Center: 1-800-732-6643 Contact: Pete Bakel 202-752-2034 Date: February 21, 2014 Fannie Mae Reports Comprehensive Income of $84.8 Billion for 2013 and $6.6 Billion for Fourth Quarter 2013 Fannie
More informationMortgages and Mortgage -Backed Securiti curi es ti Mortgage ort gage securitized mortgage- backed securities (MBSs) Primary Pri mary Mortgage Market
Mortgages and Mortgage-Backed Securities Mortgage Markets Mortgages are loans to individuals or businesses to purchase homes, land, or other real property Many mortgages are securitized Many mortgages
More informationGLOSSARY COMMONLY USED REAL ESTATE TERMS
GLOSSARY COMMONLY USED REAL ESTATE TERMS Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These
More information2002 in the Mortgage Industry, an Industry Retrospective 1
2002 in the Mortgage Industry, an Industry Retrospective 1 Jeff Lebowitz; MORTECH, LLC The year 2002 was year with an economic recession that followed immediately upon the heels of the stock market crash
More informationMortgage Lending Basics
Welcome to PMI s On Demand Training Bootcamp Mortgage Lending Basics PRESENTED BY PMI MORTGAGE INSURANCE CO. Introduction to Mortgage Lending Course Overview Mortgage Lending Basics Origination Process
More informationFREDDIE MAC REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS
FOR IMMEDIATE RELEASE MEDIA CONTACT: Lisa Gagnon 703-903-3385 INVESTOR CONTACT: Robin Phillips 571-382-4732 FREDDIE MAC REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS $475 Million Net Loss and $501 Million
More informationHousing Rebound and Investor Demand Buoy Mortgage-Backed Securities Market
December 2013 Updated February 2014 Housing Rebound and Investor Demand Buoy Mortgage-Backed Securities Market Jose Pluto Fixed Income Analyst The U.S. housing market has improved markedly since hitting
More informationFHFA Quarterly Performance Report of the Housing GSEs
FHFA Quarterly Performance Report of the Housing GSEs Third Quarter The Enterprises (Freddie Mac and Fannie Mae) Combined third quarter earnings of $39.2 billion Release of a substantial portion of the
More informationMay 13, 2014. Division of Conservatorship
T H E 2 0 1 4 S T R A T E G I C P L A N F O R T H E C O N S E R V A T O R S H I P S O F F A N N I E M A E A N D F R E D D I E M A C May 13, 2014 Division of Conservatorship T A B L E O F C O N T E N T
More informationHARP 2.0. Home Affordable Refinance Program - 2012
HARP 2.0 Home Affordable Refinance Program - 2012 Home Affordable Refinance Program (HARP) On October 24, 2011,the Federal Housing Finance Agency (FHFA), with Fannie Mae and Freddie Mac, announced a series
More informationSINGLE-FAMILY CREDIT RISK TRANSFER PROGRESS REPORT June 2016. Page Footer. Division of Housing Mission and Goals
SINGLE-FAMILY CREDIT RISK TRANSFER PROGRESS REPORT June 2016 Page Footer Division of Housing Mission and Goals Table of Contents Table of Contents... i Introduction... 1 Enterprise Efforts to Share Credit
More informationA PRIMER ON THE SECONDARY MORTGAGE MARKET
ONE FANEUIL HALL MARKETPLACE BOSTON, MA 02109 TEL. 617 367-4390 FAX 617 720-0918 WWW.CITYRESEARCH.COM A PRIMER ON THE SECONDARY MORTGAGE MARKET National Community Development Initiative Meetings New York,
More informationThe Housing and Mortgage Market Problem: A Set of Policy Options
Fisher Center for Real Estate & Urban Economics University of California, Berkeley (510) 643-6105 The Housing and Mortgage Market Problem: A Set of Policy Options Author: Kenneth T. Rosen, Chairman, Fisher
More informationUnit 1 Overview of the Mortgage Markets
Unit 1 Overview of the Mortgage Markets Introduction The interaction between the primary and secondary mortgage markets is the foundation of the mortgage lending process and is an essential part of our
More informationOverview of Mortgage Lending
Chapter 1 Overview of Mortgage Lending 1 Chapter Objectives Identify historical events affecting today s mortgage industry. Contrast the primary mortgage market and secondary mortgage market. Identify
More information910 17 th Street, NW 5 th Floor Washington, DC 20006. Tel: 202.349.1860 / Fax: 202.289.9009 www.self-help.org
Dangerous lending practices and loose underwriting in the subprime mortgage market have left more than 2.2 million families in danger of losing their homes to foreclosure over the next few years. Self-
More informationAn Evaluation of Large-Scale Mortgage Refinancing Programs
Working Paper Series Congressional Budget Office Washington, D.C. An Evaluation of Large-Scale Mortgage Refinancing Programs Mitchell Remy Financial Analysis Division Congressional Budget Office (Mitchell.Remy@cbo.gov)
More informationMortgage Terms Glossary
Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see
More informationSummary of the Housing and Economic Recovery Act of 2008
Summary of the Housing and Economic Recovery Act of 2008 On July 30, President Bush signed major housing legislation, HR 3221, the Housing and Economic Recovery Act of 2008. The bill restructures regulation
More informationResearch Publication. Prepayment Modeling Challenges in the Wake of the 2008 Credit and Mortgage Crisis
Research Publication Prepayment Modeling Challenges in the Wake of the 28 Credit and Mortgage Crisis William Burns, Ph.D. Director of Quantitative Research Interactive Data Fixed Income Analytics Prepayment
More informationZMdesk. ZM Unified Total Prepayment Model VERSION UPDATE JANUARY 2015. Practical Solutions to Complex Financial Problems
ZMdesk VERSION UPDATE JANUARY 2015 ZM Unified Total Prepayment Model Practical Solutions to Complex Financial Problems ZM Financial System s Unified Total Prepayment Model (ZMUTP) INTRODUCTION ZM Financial
More informationMaximum loan amounts, LTV, CLTV & HCLTV per Desktop Underwriter (DU) or Loan Prospector (LP) guidelines
Section 500 Loan Products 500.01 Product Overview In general, Loans eligible for purchase by LAKE MICHIGAN FINCIAL must meet the standards and guidelines of Fannie Mae and Freddie Mac (Agencies), dependent
More informationCFPB proposes amendments to the ability-to-repay and qualified mortgage rules
1 MARCH 15, 2013 CFPB proposes amendments to the ability-to-repay and qualified mortgage rules By Raymond J. Gustini and Lloyd H. Spencer The Consumer Financial Protection Bureau ( CFPB or the Bureau )
More informationMBS in 2013: More of the same, with a slight twist
213 MBS in 213: More of the same, with a slight twist Jason Callan, Senior Portfolio Manager Agency mortgage-backed securities (MBS) should continue to offer an attractive risk-adjusted return opportunity
More informationCatastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac
Catastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac Diana Hancock and Wayne Passmore Division of Research and Statistics Board of Governors of the Federal Reserve System Ψ The
More informationInvestment Symposium March 14-15, 2013 New York, NY. Session E5, U.S. Economic Conditions and the Housing/Mortgage Market
Investment Symposium March 1-15, 213 New York, NY Session E5, U.S. Economic Conditions and the Housing/Mortgage Market Moderator: Jonathan Glowacki Presenter: David Berson Housing & Mortgage Market Outlook
More informationEXECUTIVE OFFICE OF THE PRESIDENT COUNCIL OF ECONOMIC ADVISERS CEA NOTES ON REFINANCING ACTIVITY AND MORTGAGE RATES
EXECUTIVE OFFICE OF THE PRESIDENT COUNCIL OF ECONOMIC ADVISERS CEA NOTES ON REFINANCING ACTIVITY AND MORTGAGE RATES April 9, 2009 EXECUTIVE OFFICE OF THE PRESIDENT COUNCIL OF ECONOMIC ADVISERS WASHINGTON,
More informationHow To Save Underwater Mortgages From Foreclosure
Saving Homes, Saving Cities Solving the Mortgage Crisis Locally Scope of the Problem The Big Picture 12 million underwater homes in the United States 9 million future foreclosures Underwater borrowers
More informationThe Federal Home Loan Banks, Community Investment, and Affordable Housing
The Federal Home Loan Banks, Community Investment, and Affordable Housing John Stocchetti Executive Vice President Federal Home Loan Bank of Chicago March 26, 2012 Today s Presentation Introduction to
More informationFEDERAL HOUSING FINANCE AGENCY
FEDERAL HOUSING FINANCE AGENCY ADVISORY BULLETIN AB 2012-02 FRAMEWORK FOR ADVERSELY CLASSIFYING LOANS, OTHER REAL ESTATE OWNED, AND OTHER ASSETS AND LISTING ASSETS FOR SPECIAL MENTION Introduction This
More informationMarket Globalization of Mortgage Deposits
Mortgage Market Players and Products by Peter M. Zorn Vice President, Housing Analysis and Research Freddie Mac and Marsha J. Courchane Vice President and Practice Leader, Financial Economics Charles River
More informationHome Affordable Refinance (DU Refi Plus and Refi Plus) FAQs
Home Affordable Refinance (DU Refi Plus and Refi Plus) FAQs May 8, 2015 The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if they owe more
More informationUS HOUSING MARKET MONTHLY
US HOUSING MARKET MONTHLY th Oct. Editor: Ed Stansfield New build sales finally making some headway Overview: The drop in mortgage rates towards the end of September has given mortgage applications a boost,
More informationFirst Quarter 2016 Earnings Report
First Quarter 2016 Earnings Report Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
More informationThe Honorable Barney Frank Chairman Committee on Financial Services House of Representatives
United States Government Accountability Office Washington, DC 20548 October 16, 2007 The Honorable Barney Frank Chairman Committee on Financial Services House of Representatives The Honorable Spencer Bachus
More informationMortgage Lending: The Bubble, the Burst and Now What?
Mortgage Lending: The Bubble, the Burst and Now What? How did the financial crisis affect members and how have they fared since? 1 2 3 In the Bubble... What did the credit health of the population look
More informationAppendix A: Description of the Data
Appendix A: Description of the Data This data release presents information by year of origination on the dollar amounts, loan counts, and delinquency experience through year-end 2009 of single-family mortgages
More informationResidential Mortgage Presentation (Financial Figures are as of June 30, 2007)
Residential Mortgage Presentation (Financial Figures are as of June 30, 2007) August 9, 2007 (Revised as to slide 29) It should be noted that this presentation and the remarks made by AIG representatives
More informationLet me provide you a bit more detail of what we accomplished in 2009.
New York State Housing Finance Agency State of New York Mortgage Agency New York State Affordable Housing Corporation 641 Lexington Avenue, New York, NY 10022 (212) 688-4000 www.nyhomes.org Testimony by
More informationTRENDS IN DELINQUENCIES AND FORECLOSURES IN UTAH
TRENDS IN DELINQUENCIES AND FORECLOSURES IN UTAH April 2009 Jan Bontrager, Community Development Department, Federal Reserve Bank of San Francisco Outline of Presentation National Trends Rising foreclosures
More informationHousing Market and Mortgage Performance in the Fifth District
QUARTERLY UPDATE Housing Market and Mortgage Performance in the Fifth District 1 st Quarter, 2015 Jamie Feik Lisa Hearl Joseph Mengedoth 400 375 350 325 300 Index, 1995:Q1=100 United States District of
More informationNAIC MORTGAGE GUARANTY INSURANCE STANDARDS MANUAL. (Version 3)
NAIC MORTGAGE GUARANTY INSURANCE STANDARDS MANUAL (Version 3) MORTGAGE GUARANTY INSURANCE STANDARDS MANUAL Purpose and Scope The Mortgage Guaranty Insurance Standards Manual is designed to: 1) Provide
More informationFANNIE MAE AND FREDDIE MAC SINGLE-FAMILY GUARANTEE FEES IN 2012
FANNIE MAE AND FREDDIE MAC SINGLE-FAMILY GUARANTEE FEES IN 2012 December 2013 1 Contents Page Executive Summary... 4 Introduction... The Single-Family Mortgage Guarantee Business... Financial Performance
More informationCiti U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts
Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts Third Quarter 28 EXECUTIVE SUMMARY In February 28, we published our initial data report on Citi s U.S. mortgage lending businesses,
More informationThe Mortgage Market. Concepts and Buzzwords
The Mortgage Market Concepts and Buzzwords Mortgage lending Loan structures Loan quality Securitization Agencies/GSEs MBS The subprime story Readings Veronesi, Chapters 8 and 12 Tuckman, Chapter 21 Gorton,
More informationVirginia Association of Housing Counseling
Virginia Association of Housing Counseling Patricia Scott AVP, Community Outreach Consultant Wells Fargo Home Mortgage Consumer Lending Group, Community Relations and Outreach Hampton, VA May 5, 2015 We
More informationU.S. Residential Mortgage Market Update Housing fundamentals improved but headwinds remain
U.S. Residential Mortgage Market Update Housing fundamentals improved but headwinds remain June 2013 Deloitte Center for Financial Services Foreword After years of excess inventory and depressed prices,
More informationFiscal Response to the Financial Crisis - Overview of Important Accounting Concepts
U.S. Accounting for the Fiscal Response to the Financial Crisis 2 Principal Entities Involved in Fiscal Response Department of the Treasury FASAB standards (The Federal Accounting Standards Advisory Board)
More informationHARP and Refi-to-Mod
Quick Start Guide HARP and Refi-to-Mod Supporting Fannie Mae s Home Affordable Refinance Programs, Freddie Mac s Relief Refi and Open Access Programs, and Non-GSE-Eligible Refi-to-Mod Table of Contents
More informationAnnouncement 09-13 May 11, 2009. Home Affordable Refinance Updates and Clarifications to Announcement 09-04
Announcement 09-13 May 11, 2009 Amends these Guides: Selling Home Affordable Refinance Updates and Clarifications to Announcement 09-04 Introduction On March 4, 2009, Fannie Mae announced two new refinance
More informationThe Consumer Financial Protection Bureau (Bureau) is issuing a final rule to implement
SUMMARY OF THE ABILITY-TO-REPAY AND QUALIFIED MORTGAGE RULE AND THE CONCURRENT PROPOSAL The Consumer Financial Protection Bureau (Bureau) is issuing a final rule to implement laws requiring mortgage lenders
More informationHow To Help A Homeowner Who Is At Risk Of Foreclosure
1 PRINCIPAL REDUCTION AND FORECLOSURE PREVENTION Preliminary Report, Findings and Recommendations from the IDT Seattle City Council March 26, 2014 IDT Scope of Work 2 Resolution 31495 directed IDT to explore
More informationHMBS Overview. Ginnie Mae s Program to Securitize Government Insured Home Equity Conversion Mortgages
HMBS Overview Ginnie Mae s Program to Securitize Government Insured Home Equity Conversion Mortgages Table of Contents Tab A: Program Overview Tab B: Home Equity Conversion Mortgage (HECM) Trends Tab C:
More informationThe Impact of Lock-In Effects on Housing Turnover and Implications for a Housing Recovery
W RESEARCH BRIEF The Impact of Lock-In Effects on Housing Turnover and Implications for a Housing Recovery FEBRUARY 2014 TABLE OF CONTENTS SECTION I Introduction 3 SECTION II Background Lock-In Effects
More informationNovember 30, 2015. The Honorable Melvin L. Watt Director Federal Housing Finance Agency 400 7th Street, SW Washington, DC 20024. Dear Director Watt:
The Honorable Melvin L. Watt Director Federal Housing Finance Agency 400 7th Street, SW Washington, DC 20024 Dear Director Watt: FHFA has made substantial efforts to reduce taxpayer exposure to risk by
More informationV600 Introduction to Mortgage Lending. Robin J Wybenga, CFO, TBA Credit Union robinw@tbacu.com 231.946.7090
V600 Introduction to Mortgage Lending Robin J Wybenga, CFO, TBA Credit Union robinw@tbacu.com 231.946.7090 Introduction Objectives 1. Identify the key benefits your CU gains by offering real estate lending
More informationHUD s AFFORDABLE LENDING GOALS FOR FANNIE MAE AND FREDDIE MAC
Issue Brief HUD s AFFORDABLE LENDING GOALS FOR FANNIE MAE AND FREDDIE MAC Fannie Mae and Freddie Mac, government-sponsored enterprises (GSEs) in the secondary mortgage market, are the two largest sources
More informationLegacy Asset Servicing. Terry Laughlin Legacy Asset Servicing Executive
Legacy Asset Servicing i Terry Laughlin Legacy Asset Servicing Executive Key Takeaways Split of Legacy Asset Servicing from Bank of America Home Loans to accomplish two goals: Enable greater focus on the
More informationNon-Agency Mortgage-Backed Securities
Insights Non-Agency Mortgage-Backed Securities Managing opportunities and risks February 20 Please visit jpmorgan.com/institutional for access to all of our Insights publications. Authors Gary J. Madich,
More information