Federal Housing Finance Agency (FHFA) – Oversees Fannie & Freddie

3-18-2015: FHFA watchdog: Another Freddie, Fannie bailout could happen

1-22-2015: In November 2014, the FHFA began a joint venture to ensure credit availability and reduce exposure to taxpayers by ensuring that Fannie Mae and Freddie Mac (GSEs) begin to merge into a single entity of Common Securitization Solutions. Jointly owned by both GSEs, it’s limited liability company – it’s objective is design and merge both GSEs into one GSE bond through the Common Securitization Platform. Source: http://www.housingwire.com/articles/32596-here-are-the-fhfa-2015-scorecard-guidelines-for-the-gses

12-18-2013: Mel Watt was elected to replace DeMarco as FHFA Director…FHFA decided to investigate impact of dropping maximum loan limit for Fannie & Freddie to $400,000.

10-25-2013: FHFA stands to get $4 Billion from JP Morgan in the $13B settlement announced this week. I bet they will move to new offices soon and get some new furniture…

6-12-2013: Recent information released by the FHFA indicated home price increases were driven more by lower mortgage interest rates and not broad based economic improvement. Also, should the mortgage interest rates rise to the 6% range (which is entirely possible at this time), then incomes would need to rise, home prices would need to fall by 25%,or loosened lending standards, or a combination of all three. Source: WSJ, April 10, 2013, p.A11.

5-6-2013: Mel Watt (Rep NC) (who according the a 10-31-13 A14 WSJ article has limited knowledge of derivatives/financial management/oversight – which are requirements of FHFA director under the 2008 Housing and Economic Recovery Act) was nominated to replace Edward DeMarco as FHFA Director. Source: http://www.mortgagenewsdaily.com/05012013_fhfa_watt.asp

3-27-2012: FHFA now will allow some homeowners, who are >= 90 days delinquent on loans held by Fannie/Freddie, omit any required paperwork to qualify for loan modification as long as they can make three on-time mortgage payments. Source: http://www.chicagobusiness.com/article/20130327/NEWS12/130329794/u-s-eases-mortgage-rules-for-troubled-borrowers

3-25-2013: Who will lead the FHFA and transition from Fannie/Freddie when DeMarco leaves? Rep. Mel Watt, who I think is a decent man, was named as a possibility to manage the direction of a $10 Trillon mortgage market.

3-22-13:  FHFA tightened their mortgage standards effective 1-31-2013 including the suspension of  large upfront revere mortgage withdrawals and instead will use Home Equity Conversion Mortgage Saver that allows a lower withdrawal.  FHA would probably also tighten their withdrawals since they expected losses of about $3 Billion in revere mortgage related lending.  Source:  WSJ, 12-19-2012, A2..

10-18-12:  Falling mortgage interest rates are BIG reason Fannie & Freddie are performing loan modifications – approximately 1.6 million since 2009.  Most of them in the past year.  Source: http://www.homefinder.com/news/real-estate/2012/10/18/fhfa-record-low-mortgage-rates-help-harp-refinances-surge-in-august/

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