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The Federal Housing Finance Agency (FHFA) has clarified the obligations of Fannie Mae and Freddie Mac's (the GSEs') servicers to investors during the COVID-19 crisis. Servicers have been told to extend forbearance to homeowners who are experiencing financial distress as the result of the pandemic and, as of last Friday, approximately 5 percent of GSE loans had entered forbearance agreements. Servicers are contractually required to forward monthly principal and interest payments to mortgage-backed security (MBS) investors even when homeowners are not making payments on the underlying loans. While servicers maintain reserves for this purpose, it has been feared that the expected high utilization of forbearances may become an unmanageable burden, especially for smaller companies. Today's information
Housing News
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The Federal Housing Finance Agency (FHFA) has clarified the obligations of Fannie Mae and Freddie Mac's (the GSEs') servicers to investors during the COVID-19 crisis. Servicers have been told to extend forbearance to homeowners who are experiencing f... (read more)
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Housing News
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There are now two entities tracking forbearance statistics on a regular basis, the Mortgage Bankers Association (MBA) and Black Knight. The information they are providing is critical, and we did summarize both reports last week, but covering both is ... (read more)
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Housing News
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Existing home sales fell back last month from their unexpectedly good performance in February, but still maintained their long record of annual increases. The National Association of Realtors® (NAR) said sales of previously owned single-family ho... (read more)
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MBS Commentary
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Given that yields are in an extremely low range with no past precedent, it's easy to glance at the chart, shrug one's shoulders, and conclude "oh well, just another day with the 10yr under 1.0%." In other words, when we've spent ou... (read more)
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Mortgage Rate Watch
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While the industry has come to terms with recent challenges in terms of day-to-day volatility, mortgage rates remain higher than they otherwise would be based on financial markets. In other words there are gold standard benchmarks that serve as the f... (read more)
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Rob Chrisman
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Another stimulus package is in the headlines but no one is talking about inflation being a concern with near-term oil futures prices actually below zero. Oil producers are in a tight spot. And when in a tight spot it is important to panic. Uh, I mean... (read more)
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