Freddie Mac reports Q2 revenue $5.9B vs. $4.15B last year » 09:0107/2907/29/21
"In the second…
"In the second quarter, we provided critical support for the housing market, delivered a strong financial performance, and continued to manage our risks well. I'm very proud that during the quarter, we continued to advance our mission by providing liquidity, stability, and affordability to the market and by helping families keep their homes during the pandemic." Michael J. DeVito, Chief Executive Officer.
|Over a week ago|
Freddie Mac Names Jerry Mauricio SVP and Chief Compliance Officer » 14:0407/2207/22/21
Freddie Mac announced…
Freddie Mac announced that Jerry Mauricio will serve as the company's senior vice president and chief compliance officer, CCO. Mauricio brings with him over two decades of managing compliance programs in the global financial services industry. Mauricio has been serving in the role of Interim CCO at Freddie Mac since January and will fully transition to the position of CCO effective immediately. He will be a member of the company's senior operating committee and report directly to CEO Michael DeVito. "Jerry's proven compliance and management expertise in both global and domestic financial services companies makes him an outstanding choice to be Freddie Mac's chief compliance officer," said Michael DeVito, CEO of Freddie Mac. "I look forward to working closely with Jerry as we ensure Freddie Mac's safety, soundness and risk management are second to none." As chief compliance officer, Mauricio will oversee and lead Freddie Mac's compliance risk management program for the company's regulatory and conservatorship obligations.
|Over a month ago|
FHFA's Calabria 'respects' Supreme Court decision, wishes successor 'best' » 14:1906/2306/23/21
FHFA Director Mark…
FHFA Director Mark Calabria's issued a statement on the U.S. Supreme Court's Collins v. Yellen decision, stating in part: "I respect the Supreme Court's decision and the authority of the President to remove the Federal Housing Finance Agency Director. It has been the honor of a lifetime to serve as Director of the Federal Housing Finance Agency alongside world-class staff. During my tenure, FHFA has fulfilled its mission as the economy fluctuated from record-low unemployment and a strong housing market, to a pandemic-triggered recession that spared house prices but contracted supply... However, much work remains. When the housing markets experience a significant downturn, Fannie Mae and Freddie Mac will fail at their current capital levels. I wish my successor all the best in fixing the remaining flaws of the housing finance system in order to preserve homeownership opportunities for all Americans." Reference Link
Biden to replace FHFA director after Fannie ruling, WSJ reports » 12:3906/2306/23/21
The Biden administration…
The Biden administration plans to replace Fannie Mae (FNMA) and Freddie Mac's (FMCC) federal regulator following today's Supreme Court decision, Brent Kendall and Andrew Ackerman of Wall Street Journal reports, citing a White House official. The ruling opens the door for the Biden administration to oust Federal Housing Finance Agency director Mark Calabria, a Trump administration holdover, and nominate its own preferred agency chief, the Journal says. Kendall and Ackerman note that unlike Calabria, the Biden administration has signaled it would be in no rush to end the Fannie and Freddie's conservatorships. Reference Link
Fannie Mae, Freddie Mac shares plunge after mixed ruling from Supreme Court 10:3406/2306/23/21
Supreme Court issues ruling in Fannie Mae, Freddie Mac profit sweep case » 10:1706/2306/23/21
The Supreme Court issued…
The Supreme Court issued a ruling, posted on its site, regarding the Federal National Mortgage Association, or Fannie Mae (FNMA), and the Federal Home Loan Mortgage Corporation, or Freddie Mac (FMCC). A group of the companies' shareholders challenged the third amendment on both statutory grounds - that the FHFA exceeded its authority as a conservator under the Recovery Act by agreeing to the new variable dividend formula - and constitutional grounds - that the FHFA's structure violates the separation of powers because the Agency is led by a single Director, removable by the President only for cause. The District Court dismissed the statutory claim and granted summary judgment in the FHFA's favor on the constitutional claim. The Fifth Circuit reversed the District Court's dismissal of the statutory claim, held that the FHFA's structure violates the separation of powers, and concluded that the appropriate remedy for the constitutional violation was to sever the removal restriction from the rest of the Recovery Act, but not to vacate and set aside the third amendment. In its ruling, the Supreme Court held that The shareholders' statutory claim must be dismissed and that the Recovery Act's restriction on the President's power to remove the FHFA Director, 12 U. S. C. Section4512(b)(2), is unconstitutional. In total, the case was affirmed in part, reversed in part, vacated in part, and remanded. Reference Link
Fannie Mae announces winner of latest non-performing loan sale » 10:0906/1506/15/21
FNMA, AJX, CS
Fannie Mae (FNMA)…
Fannie Mae (FNMA) announced the results of its seventeenth non-performing loan sale transaction. The deal, which was announced on May 13, 2021, included the sale of approximately 8,000 loans totaling $1.6B in unpaid principal balance, divided into four pools. The winning bidders of the four pools for the transaction were Great Ajax Operating Partnership (AJX) for Pool 1; VRMTG ACQ for Pools 2 and 4; and DLJ Mortgage Capital, a subsidiary of Credit Suisse (CS), for Pool 3. The transaction is expected to close on July 23, 2021. The pools were marketed with BofA Securities and First Financial Network as advisors. The loan pools awarded in this most recent transaction include: Pool 1: 1,046 loans with an aggregate UPB of $178,382,669; average loan size of $ $170,538; weighted average note rate of 4.33%; and weighted average broker's price opinion loan-to-value ratio of 64%. Pool 2: 4,103 loans with an aggregate UPB of $ $744,634,885; average loan size of $181,485; weighted average note rate of 4.56%; and weighted BPO loan-to-value ratio of 59%. Pool 3: 1,280 loans with an aggregate UPB of $357,198,006; average loan size of $279,061; weighted average note rate of 3.79%; and weighted BPO loan-to-value ratio of 114%. Pool 4: 1,587 loans with an aggregate UPB of $$307,938,274; average loan size of $194,038; weighted average note rate of 4.26%; and weighted BPO loan-to-value ratio of 75%. The cover bids, which are the second highest bids per pool, were 97.59% of UPB for Pool 1, 102.29% of UPB for Pool 2, 66.19% of UPB for Pool 3, and 97.07% of UPB for Pool 4. Bids are due on Fannie Mae's seventeenth Community Impact Pool on June 22, 2021.
Fannie Mae extends protections for renters affected by COVID-19 » 12:0606/0306/03/21
Fannie Mae announced the…
Fannie Mae announced the extension of its multifamily COVID-19 forbearance program through September 30, 2021. The program, which requires landlords to suspend all evictions for renters unable to pay rent during the forbearance period, was formerly set to expire on June 30, 2021. For any Fannie Mae-financed multifamily properties with a new or modified forbearance plan as the result of a financial hardship due to COVID-19, the property owner must inform tenants in writing about tenant protections available during the property owner's forbearance and repayment periods. In addition, the borrower is required to provide tenant protections. "Fannie Mae remains committed to supporting renters and multifamily property owners as COVID-19 continues to financially impact many people in the United States," said Michele Evans, Executive Vice President and Head of Multifamily. "By extending the forbearance program for Fannie Mae multifamily borrowers, we are also extending essential protections and flexibilities for renters, which will help keep people in their apartments as the economy continues to improve."
Fannie Mae announces sale of non-performing loans » 10:1205/1305/13/21
Fannie Mae announced its…
Fannie Mae announced its latest sale of non-performing loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio, including the company's seventeenth Community Impact Pool, or CIP. The four larger pools include approximately 8,090 loans totaling $1.6B in unpaid principal balance, or UPB, and the CIP of approximately 400 loans totaling $98.1M in UPB. The CIP consists of loans geographically located in the Miami-Dade area. All pools are available for purchase by qualified bidders.
|Over a quarter ago|
Freddie Mac reports Q1 EPS 12c, consensus 0c » 08:1604/2904/29/21
Reports Q1 net revenue…
Reports Q1 net revenue $5.3B, two est. $2.95B. "Freddie Mac continued to support homebuyers and renters, providing $377 billion of liquidity for home purchases, refinancings, and the multifamily market in the first quarter of 2021. We have also helped hundreds of thousands of families stay in their homes through our foreclosure and eviction prevention programs. We are proud of our role in maintaining a vibrant housing market while providing critical assistance to borrowers and lenders during the pandemic," said Christian M. Lown, Chief Financial Officer.