Fannie Mae’s and Freddie Mac’s combined second-quarter income rose to $8.8 billion from $2.4 billion in the first quarter, the Federal Housing Finance Agency reported today. The increase was attributed mainly to interest income and gains on derivates, the agency said, adding that the GSEs also saw a $2.2 billion decrease in loan loss reserves
The number of home loans backed by Fannie Mae and Freddie Mac that are 60 days or more past due or are in the foreclosure process fell 6 percent in the second quarter of 2015, following a 9 percent drop in the first quarter, according to the Federal Housing Finance Agency’s foreclosure prevention report released today.
The Federal Housing Finance Agency yesterday issued an update on the common securitization platform it is developing to issue the Single Security, a mortgage-backed security to be issued by both Fannie Mae and Freddie Mac.
Fannie Mae today announced a new mortgage product called HomeReady, which it said is intended to expand access to affordable home loans for low- and moderate-income families.
The Federal Housing Administration today announced that it will finance single-family home loans for energy-efficiency retrofitting, provided those loans preserve payment priority for first-lien mortgage holders.
The Federal Housing Finance Agency today finalized Fannie Mae and Freddie Mac’s 2015-2017 affordable housing goals.
Fannie Mae today said that it earned net income of $4.6 billion in the second quarter. Like Freddie Mac’s report this week, Fannie’s profits improved from the first quarter, landing above the $3.7 billion earned in the second quarter of 2014. Fannie’s income grew mainly due to fair value gains, partially offset by credit expenses,
Freddie Mac today reported a $4.2 billion profit in the second quarter, up significantly from the $1.4 billion the company earned in the second quarter of 2014 and marking Freddie’s 15th consecutive profitable quarter.
The Senate yesterday passed a three-month extension to the Highway Trust Fund that the House had passed on Wednesday, providing both houses of Congress with more time to resolve differences about how to fund a longer-term roads bill.
The conforming loan limits for mortgages that Fannie Mae and Freddie Mac will purchase are too high, ABA said in a comment letter yesterday. Given post-crisis house price declines, the average mortgage loan amounted to $294,000 in March 2014 — well below the GSEs’ $417,000 and $625,500 in high-cost areas.