GSEs Analyze Stand-Alone Value of Multi-family Businesses

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Posted To: MND NewsWire

Each of the government sponsored enterprises ( GSEs ) has released a report analyzing the viability of their multifamily operations under a scenario divorcing them from the parent company and stripping away the existing government guarantee. The reports were requested by the Federal Housing Finance Agency (FHFA) as part of its goal to contract the overall market footprint of the GSEs and generate potential value for taxpayers. FHFA said that the multifamily businesses of the two GSEs are fundamentally different from their single-family businesses. The loans are larger, collateralized by income producing properties of five or more units, and are a much smaller component of the total mortgage market. Moreover most of the two entities' multi-family loans involve some type of risk sharing with...(read more)

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Source: http://www.mortgagenewsdaily.com/05032013_gse_conservatorship.asp

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Mortgage Rates Jump Higher Following Employment Report

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Posted To: Mortgage Rate Watch

Mortgage rates shot higher at their fastest pace in two months after this morning's hotly anticipated Employment Situation Report showed that job creation in April was better than expected. Stronger economic data tends to cause longer term interest rates to move higher. In addition to April's relative strength, the report also revised March's abysmal job creation of 88k payrolls up to more palatable 138k. This likely exacerbated the resulting weakness in bond markets as the March numbers (released on April 5th) were a big factor in the past mon th of improvements in mortgage rates. The average conventional 30yr Fixed rate for an ideal scenario had been edging down to 3.375%, and while that remains viable today, the average once again centers on 3.5%. We characterized the decision to lock or...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/307242.aspx

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Mortgage Rates Ease Off The Throttle Ahead of Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates broke a 4 day winning streak today, moving moderately higher after hitting 2013 lows yesterday. For many, the difference will be immaterial as today's average rate is the second lowest of 2013. In fact, any of the days in this week have been at least slightly better than any other day in 2013. Conventional 30yr Fixed rates are moving between 3.5% and 3.375% with the latter gaining a significant amount of traction in the past two days. Lower rates are available, and the costs associated with buying down to those rates have been decreasing. Today's mild dose of weakness came after a stronger-than-expected report on Initial Jobless Claims combined with a modest amount of overnight weakness in bond markets. When bond markets are weaker, the price of MBS (mortgage-backed-securities...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/307034.aspx

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MBS RECAP: Mario Washes Out Stronger Claims; NFP Tomorrow

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Yesterday's respectable rally to the best levels of the year turns out to have been markets' way of taking a more defensive stance against this morning's data. In other words, the rally didn't extend overnight and actually pushed a bit weaker ahead of the ECB Announcement at 7:45am. This allowed for minimal volatility following the stronger-than-expected Jobless Claims data, which only prompted a drop to 104-17 in Fannie 3.0 MBS after closing at 104-23 yesterday and opening at 104-19 this morning. The bounce was reinforced by Draghi's press conference that started at 8:30am. The ECB chief did more than allude to the possibility of future accommodation and flat-out said that sub-zero deposit rates were technically doable. Mid day news solidified the notion...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/307046.aspx

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Mortgage Rates Improve Following Employment Data And FOMC

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Posted To: Mortgage Rate Watch

Mortgage rates kept falling today, further extending the run into the lowest rates of 2013, but not quite in all-time low territory yet. Much of today's improvement was a factor of the morning's employment data from ADP--seen as forward indicator of Friday's official Employment Situation Report. Bond markets, including the mortgage-backed-securities (MBS) that underpin mortgage rates, began improving at a solid pace well before rate sheets came out. The remaining economic data either "didn't hurt" or flat-out helped rates keep dropping ahead of the day's main event, The FOMC Announcement. As it happens, the FOMC didn't change much from the previous statement. Bond markets backed down from their aggressive rally, raising the risk that lenders might hike rates in the afternoon, but trading levels...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/306840.aspx

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Mel Watt Officially Nominated to Head FHFA

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Posted To: MND NewsWire

Confirming earlier speculation, President Barack Obama this afternoon nominated Congressman Mel Watt (D-NC) to be the director of the Federal Housing Finance Agency (FHFA) . Watt, who has served in the House of Representatives for 20 years, will succeed Edward J. DeMarco who has acted as director through most of the Obama presidency. In announcing the nomination the President said the Congressman "has led efforts to rein in unscrupulous mortgage lenders, he's helped protect consumers from the kind of reckless risk-taking that led to the financial crisis in the first place, and he's fought to give more Americans in low-income neighborhoods access to affordable housing." Shaun Donovan , Secretary of Housing and Urban Development said he applauded the President's nomination. "Mel brings to this...(read more)

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Source: http://www.mortgagenewsdaily.com/05012013_fhfa_watt.asp

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FHFA: Progress Report on Fannie/Freddie Replacement

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Posted To: MND NewsWire

The Federal Housing Finance Agency (FHFA) has released a progress report on the common securitization infrastructure (CSI) being constructed as a replacement for the existing processes used by the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. The updates are discussed as they relate to the common securitization platform (CSP) which is largely a technology project and the contractual and disclosure framework (CDF) being developed to enhance transparency and investor protections in residential mortgage-backed securities (RMBS). The proposed new infrastructure was set forth in a white paper issued in October 2012 by FHFA and public comment was invited. A link to that paper is available here. http://www.fhfa.gov/Default.aspx?Page=408 FHFA said it has received public comment...(read more)

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Source: http://www.mortgagenewsdaily.com/04302013_securitization_platform.asp

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