allows funds to be held in interest-bearing accounts as long as they are immediately available without prior notice of withdrawal.
Beyond the above operational risks, certain servicing contracts, such as those entered into with GNMA, FNMA
, and FHLMC, increasingly contain recourse provisions that subject the servicer to direct credit risk.
Moody's Investors Service has assigned a Aaa rating to the proposed $51 million of Minnesota Housing Finance Agency ("Minnesota Housing" or the "Agency") Homeownership Finance Bonds, 2016 Series B (Non AMT) (GNMA and FNMA
Pass-Through Program) (the "Bonds").
government, or by FNMA
or FHLMC, government-sponsored agencies that are not backed by the full faith and credit of the U.S.
Tickers featured: ACC, AIV, AVB, BRE, CPT, EDR, EQR, ESS, FMCC.OB, FNMA
is Fannie Mac which was created by Congress in 1938 to bolster the housing industry during the Depression; Fannie Mae was originally authorized to buy only FHA-insured loans to replenish lenders' supply of money.
Following news that acting Ginnie Mae President Michael Bright is leaving to become the CEO of the Structured Finance Industry Group, Cowen analyst Jaret Seiberg called the news "likely a modest negative" those who favor the recap and release of Fannie Mae (FNMA
) and Freddie Mac (FMCC).
Tickers featured: AMB, AVB, CPT, FNCC.OB, FNMA
.OB, GGP, KIM, PLD, RTC, SPG.
The $50 million investment in FNMA
securities plus approximately $6 to $7 million in second mortgage financing is expected to stabilize the economics in 2,000 to 3,000 affordable housing units.
may come back into the market after it's last deal in June.
on Tuesday "released a plan that would ease disclosure requirements implemented in 2010 after the financial crisis that discouraged banks from packaging and reselling mortgage-backed securities, a nearly $10T market." According to the WSJ story the move would spur competition in a market dominated by government-backed entities such as Fannie Mae (FNMA
) and Freddie Mac .