|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||1.55 - 1.60|
|52 Week Range||1.21 - 3.31|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
In a story May 22 about legislation to ease bank regulation, The Associated Press reported erroneously that the bill allows lenders to use alternatives to the dominant FICO system for determining consumers' credit scores. Lenders already are allowed to use alternatives to FICO, except in selling mortgages to housing finance giants Fannie Mae and Freddie Mac, which guarantee mortgage loans. The legislation requires the federal agency that oversees Fannie and Freddie to consider alternatives to FICO.
Moody's Investors Service assigned a rating of Aaa to the proposed $65,000,000 of New Mexico Mortgage Finance Authority (the "Authority") Single Family Mortgage Program Class I Bonds, 2018 Series B (Tax-Exempt) (Non-AMT). For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
Two U.S. senators who have played key roles in trying to advance housing-finance reform are acknowledging the legislative efforts to end government control of Fannie Mae and Freddie Mac are dead, at least for now. Republican Bob Corker of Tennessee and Democrat Mark Warner of Virginia commented on the status of the two companies Wednesday at a Senate Banking Committee hearing with Federal Housing Finance Agency Director Mel Watt. Corker and Warner tried to develop a bill that would have largely preserved the operations of Fannie and Freddie while opening the market to new competition.
Moody's Investors Service has assigned provisional ratings to 23 classes of residential mortgage-backed securities (RMBS) issued by J.P. Morgan Mortgage Trust 2018-5 (JPMMT 2018-5). The certificates are backed by 1,050 predominantly 30-year, fully-amortizing fixed rate mortgage loans with a total balance of $650,520,005 as of the May 1, 2018 cut-off date. Similar to prior JPMMT transactions, JPMMT 2018-5 includes conforming fixed-rate mortgage loans (49.6% by loan balance) mostly originated by JPMorgan Chase Bank, N.A. (Chase) and loanDepot.com, LLC (LoanDepot) underwritten to the government sponsored enterprises (GSE) guidelines in addition to prime jumbo non-conforming mortgages purchased by J.P. Morgan Mortgage Acquisition Corp. (JPMMAC) from various originators and aggregators.
Will anyone ever fix Fannie Mae and Freddie Mac? When the two mortgage giants were taken under federal control a decade ago -- the same year Donald Trump kicked off the first season of Celebrity Apprentice -- regulators saw the move as a short timeout. Last month, Trump’s administration effectively acknowledged that it’s no closer to figuring out what to do with Fannie and Freddie.
Two days after billionaire investor William Ackman told clients that he was making money across all his funds again, he said on Thursday that his publicly traded Pershing Square Holdings Ltd portfolio was barely in the black so far this year. The portfolio (PSH) gained 9.4 percent in the second quarter through May 15 after having lost 8.6 percent in the first quarter, Ackman wrote in a letter to investors. "While 45 days is much too short a period to judge investment performance for a long-term strategy, we believe recent progress is reflective of actual business progress at PSH, and at our portfolio companies during this period," Ackman wrote in the letter seen by Reuters.
Most U.S. mortgage lenders are not ready to relax income rules even as more Americans become part of the so-called gig economy, and banks are excluding income from this work on loan applications, a survey released on Wednesday showed. Lenders worry about the ability of gig economy workers to meet their monthly mortgage payments when their income is less predictable than an employee with a steady, regular paycheck, according to the survey from mortgage finance agency Fannie Mae. Roughly a fifth of the U.S. population works job to job including employment with gig economy companies like Uber and TaskRabbit.
Fannie Mae said it sold $750 million of 1 million bills due June 13, 2018 at a 1.670 percent stop-out rate, or lowest accepted rate, up from the 1.660 percent rate for $250 million of 1 million bills sold on May 9. The company also sold $750 million of three-month bills due Aug. 15, 2018 at a 1.890 percent rate, also up from the 1.840 percent rate for $250 million of three-month bills sold last week. The 1 million bills were priced at 99.870 with a money market yield of 1.672 percent.
Riskier U.S. mortgages are creeping back into the bond market again. If the housing market weakens, and unemployment starts rising, mortgage bond investors could find their securities losing value, money managers warn. “Underwriting starts out very strict and as time goes on, it’s kind of the proverbial frog in the pot of boiling water,” said John Kerschner, head of securitized products at Janus Henderson Group Plc, which manages $372 billion.
Moody's Investors Service, ("Moody's") has assigned provisional ratings to 15 classes of residential mortgage-backed securities (RMBS) issued by Flagstar Mortgage Trust 2018-3INV ("FSMT 2018-3INV"). Flagstar Bank, FSB (Flagstar) is the sponsor of the transaction.
Fannie Mae said on Thursday its net income rose to $4.26 billion in the first quarter from $2.77 billion a year ago as a result of a hefty gain on its derivatives. The No. 1 U.S. mortgage financing company swung back from a net loss of $6.53 billion in the fourth quarter due to a $9.9 billion writedown of its deferred tax assets tied to the sweeping federal tax overhaul enacted last December. "Our solid first quarter performance reflects the strength of our underlying business, the benefits of our business model, and our focus on customers," Fannie Mae President and Chief Executive Officer Timothy Mayopoulos said in a statement.
Moody's Investors Service has assigned a rating of Aa2 to the proposed approximately $120 million of New York State Housing Finance Agency (the "Agency" or "NYS HFA") Affordable Housing Revenue Bonds, 2018 Series D (Climate Bond Certified/Green Bonds), and Affordable Housing Revenue Bonds, 2018 Series E (the "2018 Series D and E Bonds"). Moody's also maintains a Aa2 rating with a stable rating outlook on all outstanding parity debt issued under the Agency's General Resolution adopted on August 2007 (the "Resolution").
Where Are We Headed Today? Thus Spake Apple Apple Inc. (NASDAQ:AAPL) came in line with iPhone sales expectations yesterday, and together with an earnings beat after market close, the upbeat report precipitated a huge sigh of relief from tech investors that resulted in a 1.3% climb for the Nasdaq (NASDAQ:QQQ) yesterday. Meanwhile, countervailing pressures in […] The post Apple Reassures, Musky Smells, Fannie on Housing and an Indian Bidding War appeared first on Market Exclusive.
Tim Mayopoulos, Fannie Mae's chief executive officer, discusses the organization's future with Bloomberg's Scarlet Fu at the Milken Global Conference in Beverly Hills, California. (Source: Bloomberg)
Moody's Investors Service, ("Moody's") has assigned definitive ratings to 23 classes of residential mortgage-backed securities (RMBS) issued by J.P. Morgan Mortgage Trust 2018-4 (JPMMT 2018-4). ...
In the weeks following President Trump’s election in 2016, Federal National Mortgage Association (OTC: FNMA) and Federal Home Loan Mortgage Corp (OTC: FMCC) stocks skyrocketed on the hopes that a long-awaited resolution to the government-sponsored enterprises’ situation might finally be just around the corner. Height Capital Markets analyst Ed Groshans on Monday said investors shouldn’t expect that resolution by the end of 2018. Senate Banking Committee chair Mike Crapo has insisted housing finance reform is a high priority, but Crapo also recently conceded there's simply not enough time remaining to tackle the issue in the current session of Congress.
Moody's Investors Service, Inc. ("Moody's") assigned credit ratings to Fair Isaac Corporation ("FICO"), including a Ba2 Corporate Family Rating ("CFR"), a Ba2-PD Probability ...
Moody's Investors Service has assigned provisional ratings to 28 classes of residential mortgage-backed securities (RMBS) issued by CIM Trust 2018-J1 ("CIM 2018-J1"). The ratings range from (P)Aaa ...
The 30-year fixed-rate mortgage could probably survive without a government guarantee, a senior Federal Reserve official said as Congress contemplates yet another round of housing finance reform. At a Senate Banking Committee hearing, Fed Vice Chairman for Supervision Randal Quarles was asked by Sen. Heidi Heitkamp, Democrat for North Dakota, whether a government guarantee was “essential” for “retaining” the 30-year mortgage instruments.
May.01 -- Tim Mayopoulos, Fannie Mae's chief executive officer, discusses the organization's future with Bloomberg's Scarlet Fu at the Milken Global Conference in Beverly Hills, California.
Treasury Secretary Steven Mnuchin on the future of Fannie Mae and Freddie Mac and the state of the U.S. housing market.