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Secondary markets

MBA urges GSEs to end costly tri-merge credit reports

Credit, Credit scores, Originations, Politics and policy, Secondary markets, Servicing /

The Mortgage Bankers Association announced Wednesday that its Residential Board of Governors has passed a resolution calling for two influential government-sponsored enterprises to end their requirements for tri-merged credit reports. The move follows FHFA’s decision to allow score competition without changing tri-merge rules, and MBA’s earlier plan to explore the viability of using a single […]

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Fannie Mae and Freddie Mac’s regulator raising LIHTC limits

Housing markets, Politics and policy, Secondary markets, Tax strategies /

Fannie Mae and Freddie Mac’s regulator announced additional leeway for them to invest more heavily in low-income housing tax credits in line with the passage of recent legislation. Each can now invest up to $2 billion for a total of $4 billion per year, twice the previous limit, according to a press release from U.S.

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Angel Oak bets on non-QM in volatile Q2 report

Capital markets, Earnings, Secondary markets /

Angel Oak Mortgage REIT eked out a profit in the second quarter but missed Wall Street expectations partially due to a note offering.  The non-qualified mortgage player Tuesday reported net income of $767,000 for the period, well below an S&P Capital IQ consensus mean estimate of $6.34 million. The real estate investment trust’s quarterly results

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Rithm buys $1B in home reno loans from Upgrade

Industry News, M&A, REITs, Secondary markets /

Rithm Capital announced it has entered into an agreement to purchase $1 billion worth of loans from lending fintech Upgrade. The forward-flow agreement between the real estate investment trust and the San Francisco-based neobank has Rithm acquiring $1 billion worth of home improvement loans originated and serviced by Upgrade over the coming year.  The deal

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Frank Cassidy nominated as Federal Housing Commissioner

FHA, Originations, Secondary markets /

Frank Cassidy, the acting Federal Housing Association commissioner, has apparently been nominated for the job on a full-time basis. The Mortgage Bankers Association put out a statement on Aug. 2 in support of Cassidy’s appointment. His current title at HUD is principal deputy assistant secretary, and he was nominated to the position by the Trump

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Canyon Partners inks deal helping A&D sell more mortgage bonds

MBS, Secondary markets /

Alternative asset manager Canyon Partners is committing $250 million to buy new mortgage bonds created by A&D Mortgage LLC, a partnership that will help the mortgage finance company substantially increase the pace of its bond sales.  Canyon will buy the riskiest slices of residential mortgage-backed bonds ineligible for guarantees from Fannie Mae and Freddie Mac,

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Ginnie Mae executive Joe Gormley nominated as president

Ginnie Mae executive Joe Gormley nominated as president

Capital markets, Ginnie Mae, Secondary markets, Servicing /

Ginnie Mae, a government corporation with the Department of Housing and Urban Development that protects funding for many U.S. mortgage loans, finally has a nominee for its long-vacant post of president. The Senate received the nomination of Joseph Gormley as Ginnie Mae president over the weekend and referred it to the Committee on Banking, Housing

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Trump asks bank CEOs to pitch on Fannie, Freddie stock offerings

Fannie Mae, Freddie Mac, GSE Reform, GSEs, Secondary markets /

President Donald Trump is bringing in bank leaders to meet with him one by one at the White House. Beyond the economic discussion, there’s a chance at a big payday for their firms.  Trump is asking for chief executive officers for their pitches on monetizing mortgage giants Fannie Mae and Freddie Mac, including a major

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Freddie Mac lower Q2 income due to rising credit provisions

Earnings, Housing markets, Secondary markets /

Freddie Mac’s net income declined 14% year-over-year in the second quarter, because it increased its provision for credit losses. Fannie Mae, when it reported earnings on Wednesday, cited a similar reason as contributing to its own second quarter drop off. Still, Freddie Mac reported net income of $2.39 billion, compared with $2.83 billion in the

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Pulte takes issue with Powell statement on Fed housing role

Mortgage Rates, Politics and policy, Secondary markets /

Housing regulator Bill Pulte showed new frustration with Federal Reserve Chairman Jerome Powell and the latest decision to keep short-term rates unchanged on Wednesday, adding to pressure President Trump has been putting on the monetary policymaker to lower them. This time Pulte used his social media account on X to take issue with the way

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