FMCC - Freddie Mac

Moody's proposes update to methodology for rating US prime residential mortgage-backed securities

Moody's Investors Service is seeking feedback from market participants on proposed changes to its approach to rating US prime residential mortgage-backed securities (RMBS) backed by government-sponsored enterprise (GSE) and private label prime first-lien mortgage loans originated during or after 2009. Unless changes are made following the comment period, this updated credit rating methodology will be adopted as proposed. The proposed changes would enhance the methodology and applicable models for rating and monitoring ratings of US prime RMBS by updating components of our collateral analysis model known as Moody's Individual Loan Analysis (MILAN).

UPDATE 1-Fannie, Freddie govt guarantee should be limited -U.S. housing finance chief

The head of the U.S. Federal Housing Finance Agency (FHFA) said on Thursday that Congress should create a "limited" explicit guarantee for government-sponsored enterprises Fannie Mae and Freddie Mac. "The explicit guarantee should be limited, clearly defined, and paid for," Mark Calabria told an audience in Washington. Fannie and Freddie have operated under government conservatorship since they were bailed out during the 2008 subprime mortgage crisis.

Structured Agency Credit Risk (STACR) Debt Notes, Series 2017-HQA3 -- Moody's upgrades $814.6 Million of GSE credit risk transfer (CRT) RMBS issued from 2014 to 2017

Rating Action: Moody's upgrades $814.6 Million of GSE credit risk transfer RMBS issued from 2014 to 2017. Global Credit Research- 13 Jun 2019. New York, June 13, 2019-- Moody's Investors Service has upgraded ...

U.S. 30-year mortgage rates hold at lowest since 2017 -Freddie Mac

Fannie-Freddie Regulator Asks Congress to Help End U.S. Control

Lawmakers should pursue measures that reduce taxpayer risk, promote competition and support sustainable home-ownership, Federal Housing Finance Agency Director Mark Calabria wrote in a letter accompanying his first annual report to Congress. “Reform remains overdue, despite prior efforts, and we should view this task with some urgency,” Calabria wrote in the letter dated June 11. Congress has failed in repeated efforts to deal with Fannie and Freddie, which have been under U.S. conservatorship since they were seized by regulators as the mortgage market collapsed in 2008.

US homeowners rush to refinance on lower rates

US homeowners are rushing to refinance their mortgages, taking advantage of a drop in borrowing costs triggered by lingering trade tensions and growth concerns that have fuelled a global bond rally. Applications to refinance home loans rose 47 per cent for the week to June 7, according to an index from the Mortgage Bankers Association, reaching levels last seen in November 2016, shortly before the Federal Reserve increased its pace of interest rate increases, pushing mortgage borrowing costs higher. The rise in mortgage applications comes as the average interest on a 30-year fixed rate mortgage has fallen from 4.42 per cent at the beginning of May, when trade tensions began to escalate, to 4.12 per cent in the latest MBA data.

OBX 2019-INV2 Trust -- Moody's Investors Service ("Moody's") assigns provisional ratings to Prime RMBS issued by OBX 2019-INV2 Trust

Moody's Investors Service has assigned provisional ratings to 38 classes of residential mortgage-backed securities (RMBS) issued by OBX 2019-INV2 Trust (OBX 2019-INV2). OBX 2019-INV2, the third rated issue from Onslow Bay Financial LLC (Onslow Bay) in 2019, is a prime RMBS securitization of fixed-rate, agency-eligible mortgage loans secured by first liens on non-owner occupied residential properties with original terms to maturity of mostly 30 years.

CIM Trust 2019-INV2 -- Moody's assigns definitive ratings to Prime RMBS issued by CIM Trust 2019-INV2

Moody's Investors Service (Moody's) has assigned definitive ratings to 24 classes of residential mortgage-backed securities (RMBS) issued by CIM Trust 2019-INV2. CIM Trust 2019-INV2, the second rated transaction sponsored by Chimera Investment Corporation (Chimera or the Sponsor) in 2019, is a prime RMBS securitization of fixed-rate investment property mortgage loans secured by first liens on agency-eligible non-owner occupied residential investor properties with original term to maturity of up to 30 years. All of the loans are underwritten in accordance with Freddie Mac or Fannie Mae guidelines, which take into consideration, among other factors, the income, assets, employment and credit score of the borrower.

Housing Finance Authority of Pinellas County, FL, Single Family Housing Revenue Bonds (Multi-County Program), 2019 Series A (Non-AMT), $15MM -- Moody's assigns Aaa to Housing Finance Authority of Pinellas County, FL Single Family Hsg Rev Bonds 2019 Series A

Moody's Investors Service has assigned Aaa rating to the proposed $15,000,000 sale of Housing Finance Authority of Pinellas County, FL's (The Authority) Single Family Housing Revenue Bonds (Multi-County Program) 2019 Series A (Non-AMT). The rating is based on the high quality of the mortgage-backed securities, a sound legal structure and cash flow projections under a range of appropriate prepayment assumptions that indicate sufficient revenues to pay timely debt service and program expenses. The 2019 Series A bonds will be used to purchase mortgage-backed securities secured by loans made to finance single family homes within three participating counties: Pinellas, Pasco and Polk.

U.S. 30-year mortgage rates drop below 4% - Freddie Mac

Interest rates on U.S. 30-year fixed-rate mortgages fell below 4% for the first time since January 2018 in step with declining U.S. bond yields due to growing trade tension between China and the United States, Freddie Mac said on Thursday. Thirty-year mortgage rates averaged 3.99% in the week ended May 30, down from 4.06% a week earlier and 4.56% a year ago, the mortgage finance agency said. Interest rates on five-year adjustable mortgages averaged 3.60%, down from 3.68% the prior week and 3.80% from the year before.

NYS HFA - Affordable Housing Revenue Bonds -- Moody's assigns Aa2 rating to NYS HFA, Affordable Housing Rev. Bonds, 2019 Series H & I; outlook stable

Moody's Investors Service has assigned the rating of Aa2 to the proposed approximately $129.9 million of New York State Housing Finance Agency (the "Agency" or "NYS HFA") Affordable Housing Revenue Bonds, 2019 Series H (Climate Bond Certified/Sustainability Bonds) and 2019 Series I (Sustainability Bonds) (collectively, the "Bonds"). Moody's also maintains a Aa2 rating on all outstanding parity debt issued under the Agency's General Resolution adopted on August 2007 (the "Resolution"). The Aa2 rating primarily reflects the credit quality of the credit support providers for the multifamily mortgage loans pledged to the bondholders under the program's Resolution and Supplemental Resolutions together with the additional funds provided by the Agency and pledged to the bondholders.

U.S. government could stagger Fannie, Freddie privatisation - regulator

Mortgage giants Fannie Mae and Freddie Mac could be returned to the private market at different times, especially if the government moves to float them on the public markets, the head of the U.S. housing finance regulator told Reuters in an interview. It may be preferable to stagger that process due to the complexities involved in getting the government-backed firms, which have different business models, ready for private ownership, said Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie Mae, Freddie Mac and the U.S. housing finance system.

U.S. 30-year, 15-year mortgage rates hit 16-month lows - Freddie Mac

Interest rates on U.S. 30-year and 15-year fixed-rate mortgages decreased to their lowest levels in 16 months in step with lower U.S. bond yields amid worries about trade tension between China and the ...