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On Monday the government slightly loosened the leash on which it has held the two government sponsored enterprises (GSEs) for more than 11 years . In a letter signed by Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency (FHFA) Director Mark Calabria, Fannie Mae and Freddie Mac will be allowed to retain a larger share of their profits to protect against any future financial downturns. The two corporations, which continue to provide most of the mortgage market for the U.S., were placed in government conservatorship in August 2008 at the start of the Great Recession. At that time, under the terms of a Senior Preferred Stock Purchase Agreement (SPPA), they were permitted to borrow up to $100 billion (later increased to $200 billion) in order to withstand potentially billions of
Housing News
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On Monday the government slightly loosened the leash on which it has held the two government sponsored enterprises (GSEs) for more than 11 years . In a letter signed by Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency (FHFA) Direc... (read more)
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MBS Commentary
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In the week just passed, the bond market committed to a perfectly sideways consolidation pattern after having moved down from the highest yields in more than a month. There were a few moderately relevant economic reports throughout the week and... (read more)
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Housing News
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Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 12.9 percent in August , increasing from 6.3 percent the previous month. The portfolio balance at the end of the period was $2.275 trillion compared t... (read more)
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Rob Chrisman
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Let’s end the week with some non-mortgage ramblings. Last night in Dallas I had dinner at The Mercury, a fish restaurant. (Who was in charge of naming that one? Try the tuna!) It wasn’t a date, but it reminded me that dinner in Dallas is ... (read more)
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Housing News
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Pending home sales resumed their upward trajectory in August after declining 2.5 percent in July, making for positive results in three of the last four months. It was also the third winning sales report this month after solid existing and new home sa... (read more)
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Mortgage Rate Watch
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Mortgage rate movement was fairly uneventful last week. The bond market (which is most directly responsible for driving day-to-day changes in mortgages rates) was focused on consolidating, meaning the gaps between lows and highs were getting smaller ... (read more)
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