February 2010 - MND NewsWire

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Freddie Mac Delinquences Continue to Climb. Retained Portfolio Contracts

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by Jann Swanson on February 26 2010, 12:55 PM

Freddie Mac's Monthly Volume Summary shows that loan delinquencies continue to mount and now represent 4.04 percent of its total loans. At the same time the value of its investment portfolio declined at an annualized rate of over 18 percent....
Fannie Mae to Clean Up Purchase Process. And Jumpstart the Non-Agency Market at Same Time?

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by Adam Quinones on February 26 2010, 3:58 PM

If I was selling loans at the moment and I wanted to reduce secondary marketing 'leakage', I would take special note of the changes, updates, and guidance's offered by Fannie Mae's QC department in Lender Letter 2010-03....
Freddie Mac to Eliminate Interest Only Option. Lender Overlays Loom

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by Adam Quinones on February 26 2010, 11:53 AM

Freddie Mac (NYSE: FRE) announced today that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial Interest fixed-rate and adjustable-rate mortgages...
FHFA: GSEs Focused on Core Businesses and Responsible Lending

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by Jann Swanson on February 26 2010, 10:51 AM

The acting head of FHFA told Congressional leadership that Fannie Mae and Freddie Mac will forgo new products to concentrate on its core businesses while pursuing a central goal of conserving assets. Under conservatorship, the Enterprises have tightened...
The Day Ahead: GDP, Consumer Sentiment, Existing Home Sales, Fed Speak

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by Patrick McGee on February 26 2010, 6:54 AM

Since Monday the benchmark S&P 500 has tumbled 0.56% but with fresh data on housing, growth, manufacturing, and consumer sentiment all before Noon, the trend could reverse course quickly. 90 minutes before the open, Dow futures are down 4 points to...
MBA Proposes Forbearance for Unemployed Borrowers

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by Jann Swanson on February 25 2010, 2:59 PM

In response to rising numbers of long-term unemployed, the Mortgage Brokers Association has proposed an addition to the HAMP program which would allow temporary forbearance to the unemployed before moving them into a loan modification...
Fed MBS Purchase Program Update: 96% of Funding Used

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by Adam Quinones on February 25 2010, 3:17 PM

Since the inception of the program in January 2009, the Fed has spent $1.21 trillion in the agency MBS market, or 96.5 percent of the allocated $1.25 trillion, which is scheduled to run out in March 2010. This leaves $44.1 billion left to purchase MBS...
Freddie Mac: Weekly Rates Followed Bond Yields to Higher Levels

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by Jann Swanson on February 25 2010, 12:48 PM

Freddie Mac and Fannie Mae have released data on average interest rates over the most recent week. Both reported an increase in long term and fixed rates while short term ARM's were slightly lower....
Bernanke Says Status of GSEs in "No-Man's Land". Discussing Reform, Reorganization, Reassurance

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by Adam Quinones on February 25 2010, 10:59 AM

Today, during the Q&A session of his annual report to Congress, Chairman of the Federal Reserve Ben Bernanke said we are in "no-man's land" with Fannie and Freddie. He indicated that reform options include privatization or making them...
The Day Ahead: Risk Aversion Back on Before Durable Goods, Jobless Claims Data

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by Patrick McGee on February 25 2010, 8:04 AM

Investors are once again concerned about risk as Greece continues to make headlines. Equity futures are sharply lower and appear likely to erase a good bit of yesterday’s gains. Meantime, the dollar is pushing higher. “The centre of controversy or uncertainty...
Freddie Mac: Losses Narrowed in 2009. Enterprise Financed Over Two Million Homes

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by Jann Swanson on February 24 2010, 3:22 PM

Freddie Mac release fourth quarter and 2009 year end financial reports today. Losses for the year were less than half that registered one year earlier while net interest income increased....
NAR Recommends Revamp of GSEs. Treasury Says Not Until Next Year

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by Jann Swanson on February 24 2010, 12:58 PM

The National Association of Realtors has suggested a total reorganization of Freddie Mac and Fannie Mae, turning them into two non-profit government-chartered secondary mortgage market authorities.Today, speaking before the House Budget Committee, Treasury...
New Home Sales Much Worse than Forecast in January. Wintry Weather Adds Weakness

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by Adam Quinones on February 24 2010, 9:59 AM

The annual pace of New Home Sales fell to a new record low in January. This was the fourth consecutive month New Home Sales slid and the largest monthly percentage decline since January 2009. Many folks will be leaning on foul wintry weather in the Northeast...
The Day Ahead: Bernanke Speaks, New Home Sales, $42 billion Treasury Auction

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by Patrick McGee on February 24 2010, 8:00 AM

The market is roughly flat ahead of January housing data and testimony from Federal Reserve chairman Ben Bernanke. 90 minutes before the opening bell, Dow futures are up 4 points to 10,303 and S&P 500 futures are flat at 1,097.25...
HUD Secretary Requests $41.6 Billion 2011 Budget. Five Goals in Focus

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by Jann Swanson on February 23 2010, 6:26 PM

Stating that the nation's housing market has made significant progress toward stability during the past year, Secretary of Housing and Urban Development Shaun Donovan presented the Department's 2011 budget request of $41.6 billion to the House...

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