|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.3800 - 2.5500|
|52 Week Range||0.9800 - 3.2700|
|Beta (3Y Monthly)||3.05|
|PE Ratio (TTM)||229.09|
|Earnings Date||May 4, 2017 - May 8, 2017|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.50|
Moody's Investors Service ("Moody's") has assigned provisional ratings to six classes of notes issued by Station Place Securitization Trust 2019-WL1. The securities are backed by a revolving pool of newly originated first-lien, fixed rate and adjustable rate, residential mortgage loans which are eligible for purchase by Fannie Mae and Freddie Mac.
WASHINGTON , July 18, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its twelfth reperforming loan sale transaction. The deal, which was announced on June 13, 2019 , included ...
There are over 10,000 securities traded on the OTC Markets, 1,430 of which trade on the market’s top two tiers, OTCQX and OTCQB. But when it comes to the most actively traded of those securities, there ...
NEW YORK/WASHINGTON, July 17 (Reuters) - The Trump administration's hotly anticipated blueprint for overhauling mortgage guarantors Fannie Mae and Freddie Mac may not be published until September as the U.S. Treasury juggles several other pressing issues, the housing regulator told Reuters. Mark Calabria, director of the Federal Housing Finance Agency (FHFA), which oversees the government-sponsored enterprises, said in an interview it was his "hope" that they would have exited or be ready to exit conservatorship before his term ends in 2024. Calabria's comments will temper market expectations for a speedy overhaul of Fannie and Freddie before the 2020 presidential election.
Fannie Mae and Freddie Mac will eventually halt purchases of U.S. home loans linked to the London interbank offered rate (LIBOR) as that index is set to be phased out after 2021, Mark Calabria, the head of the Federal Housing Finance Agency, told Reuters on Wednesday. LIBOR is referenced against $200 trillion worth of U.S. financial products, primarily in interest rate derivatives. There are roughly $1 trillion in adjustable-rate mortgages (ARMs), or about 6.5% of all U.S. home loans outstanding, which are reset against it.
Fannie Mae and Freddie Mac will eventually halt purchases of U.S. home loans linked to the London interbank offered rate (LIBOR) as that index is set to be phased out after 2021, Mark Calabria, the head of the Federal Housing Finance Agency, told Reuters on Wednesday. LIBOR is referenced against $200 trillion worth of U.S. financial products, primarily in interest rate derivatives. "We have not yet told Fannie and Freddie to stop buying LIBOR ARMs, but that is a day that will come," FHFA director Mark Calabria told Reuters.
Moody's Investors Service has assigned Aaa rating to approximately $150M Florida Housing Finance Corporation Homeowner Mortgage Revenue Bonds, 2019 Series 1 (Non-AMT). As of December 31, 2017 financial statements, the program achieved an adjusted debt service coverage ratio of approximately 1.24x. The 2019 Series 1 bonds are special, limited obligations of the Corporation secured by mortgage loans, mortgage backed securities, investments and reserves, and other trust funds pledged under the Trust Indenture.
A securities industry group has put the government on alert that any effort to release Fannie Mae and Freddie Mac from conservatorship must have a spelled-out government guarantee, arguing that an implied backstop won’t be enough, as it was in 2008, and will cause investors to flee the market for mortgage-backed securities.
A Washington analyst who’s watched Fannie Mae and Freddie Mac from a policy perspective for many years initiated coverage of their stocks, saying any reform plan would be more likely to benefit holders of the preferred shares than common.
An experimental new interest-rate index can be a suitable replacement for Libor, the current benchmark rate index set to be retired after 2021, a working group of finance professionals has determined.
(Bloomberg) -- The Trump administration is growing wary of taking bold steps toward freeing Fannie Mae and Freddie Mac from federal control before the 2020 election, said people familiar with the matter, in part because of the political risk of potentially upending the U.S. mortgage market.While White House and Treasury Department officials are eager to end the companies’ decade-long conservatorships, they see the task as arduous, slow-moving and extremely complicated, said the people who asked not to be named in discussing internal deliberations.Adding to the challenge is that Treasury Secretary Steven Mnuchin is spending much of his time on more pressing priorities, including the trade war with China, debt ceiling negotiations with Congress and imposing sanctions on Iran and other nations. Still, Mnuchin, who has experience in the mortgage banking industry, works on housing finance weekly, according to one of the people.“The president earlier this year instructed the Department of Treasury to develop a comprehensive plan for bold reform,” White House spokesman Judd Deere said in an email statement. The National Economic Council, Treasury, Federal Housing Finance Agency and others “continue to work together on this presidential priority and anything to suggest otherwise is false,” Deere said.Fannie slid as much as 11% before rebounding to $2.70, a 4.2% decline, at 1:38 p.m. in New York. Freddie fell as much as 10% and stood at $2.61, down 3.3%. The declines were the biggest since Mnuchin told Bloomberg in June that he didn’t want to release the companies from government control without reform.Releasing Fannie and Freddie is no easy lift. It could require raising more than $200 billion -- likely through the biggest share offerings in history -- to ensure the companies have enough capital to survive a meltdown. And the Treasury’s point-person on the companies, counselor Craig Phillips, left last month. His departure raises questions about who might drive work on the issue with other agencies, and potentially on Capitol Hill.One concern among administration officials is that freeing Fannie and Freddie could impact the housing market, possibly making it harder for borrowers to get loans just as President Donald Trump is seeking another term, two of the people said. Housing is a key factor in the health of the U.S. economy, which is seen as crucial to Trump’s re-election prospects.As wards of the state, Fannie and Freddie benefit from pristine credit ratings and a government line of credit, which keeps financing flowing for mortgage lending and borrowing rates low for buyers. It’s not clear how investors in mortgage bonds and lenders might react if the companies were no longer assumed to have the full backing of the U.S. government.There’s still plenty of action the White House, Treasury and Fannie and Freddie’s regulator, the Federal Housing Finance Agency, can take in the next 18 months.For instance, they can curtail Fannie and Freddie’s footprints in the mortgage market, which would reduce risks to the companies. FHFA Director Mark Calabria could also impose a formal rule that dictates how much capital Fannie and Freddie must hold.Perhaps most significantly, Treasury and FHFA could halt a policy that requires the companies to send nearly all their earnings to the Treasury. Though one person familiar with the matter cautioned that ending the so-called profit sweep is unlikely to happen this year.Signs that the administration is moving more slowly than anticipated are evident. Treasury has yet to issue a long-awaited report on its plan for getting Fannie and Freddie out of the government’s grip, despite Calabria saying he hoped it would be released by the end of June. Now, agencies are aiming to get the document out within the next couple of months, according to people familiar with the matter.The stakes are significant. Fannie and Freddie fuel the housing market by buying mortgages from lenders and packaging them into bonds that are sold to investors with guarantees of interest and principal. The process provides financing that makes homes more affordable, and keeps the mortgage market liquid. In total, Fannie and Freddie stand behind about $5 trillion of home loans.Figuring out a fix for the companies, by far the biggest unresolved issue from the 2008 financial crisis, has long confounded policy makers and lawmakers. The companies were taken over by regulators and bailed out by taxpayers during the collapse of the housing market, ultimately getting $191 billion in aid. They have since become profitable again, and paid more in dividends to Treasury than they received in rescue funds.This year, there’s been optimism that Washington was finally making progress, particularly following the April appointment of Calabria.A former economic adviser to Vice President Mike Pence, Calabria made a series of speeches and media appearances in the weeks after joining the FHFA in which he signaled fresh action. He said his agency and the Trump administration might bypass Congress to end the conservatorships, and that he wanted Fannie and Freddie ready to start raising capital by Jan. 1 of next year.Trump himself even joined in, telling Realtors at a May conference in Washington that dealing with Fannie and Freddie was a “pretty urgent problem.”For some on Wall Street -- hedge funds and other investors that own Fannie and Freddie shares -- the remarks have spurred excitement that they were poised to make a windfall, and possibly soon. The stocks have more than doubled this year.Mnuchin has already signaled that he’s not looking for a quick fix for Fannie and Freddie. In a June 8 Bloomberg interview, he said the administration wouldn’t just let the companies build up capital and then release them without making major changes to housing finance policy.Mnuchin hasn’t ruled out bypassing Congress to free Fannie and Freddie. Though Phillips’ June exit from Treasury might make doing so harder. The former BlackRock Inc. and Morgan Stanley executive has mortgage-finance expertise and deep connections on Wall Street, which probably would have proved helpful for possible stock sales. Phillips also had a strong interest in the issue, and it’s not clear who might fill that void at Treasury now that he’s gone.(Updates with White House spokesman’s comment in the fourth paragraph.)To contact the reporters on this story: Saleha Mohsin in Washington at email@example.com;Jennifer Jacobs in Washington at firstname.lastname@example.org;Austin Weinstein in New York at email@example.comTo contact the editors responsible for this story: Jesse Westbrook at firstname.lastname@example.org, ;Alex Wayne at email@example.com, Gregory MottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WASHINGTON , July 12, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) is reminding those impacted by Tropical Storm Barry of available mortgage assistance and disaster relief options. Under Fannie Mae's ...
Each day, Benzinga takes a look back at a notable market-related moment that happened on this date. What Happened On July 11, 1986 , the Federal National Mortgage Association (OTC: FNMA ) issued the first ...
(Bloomberg) -- A surge in government-guaranteed mortgage refinancings is underway, bucking the decline in the broader market since early June.While a Mortgage Bankers Association refinancing index has dropped 8% since the week ending June 7, the government refinance sub-index is up 25%. Over the same period the conventional refinance sub-index has dropped 32%, according to data compiled by Bloomberg.In the most recent prepayment report conventional Fannie Mae 30-year mortgages saw aggregate speeds drop about 3% to 12.8 CPR. In contrast, mortgages issued by Ginnie Mae, most notably Federal Housing Administration and Veteran Affairs loans, rose about 2% to 17 CPR.Speeds are measured by so-called conditional prepayment rates (CPR), a number that gives the annualized percentage of the existing mortgage pool expected to prepayThe FHA and VA have streamlined programs that allow for easier and relatively lower-cost refinancings compared with Fannie Mae and Freddie Mac conventional loans. These government mortgages tend to exhibit larger loan sizes then conventional mortgages, as the latter often see a downpayment of about 20%. In contrast, VA mortgages require 0% and FHA requires only about 3.5% from borrowers.The speed difference between aggregate Fannie Mae 30-year mortgages and their Ginnie Mae II counterparts has increased this year, with the latter paying 5.2 CPR faster in June from 2.1 faster in January, according to Wells Fargo data. This may be one factor behind the recent cheapening of Fannie Mae compared with government MBS.With two additional business days available in July versus June for borrowers and brokers to work on refinancings, along with the traditional boost provided by summer seasonals, the recent drop in the overall refinancing index may be at an end. JPMorgan MBS strategists expect speeds to see a 30% cumulative increase over the next two months.Christopher Maloney is a market strategist and former portfolio manager who writes for Bloomberg. The observations he makes are his own and are not intended as investment adviceTo contact the reporter on this story: Christopher Maloney in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Nikolaj Gammeltoft at email@example.com, Adam Cataldo, Rick GreenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WASHINGTON, July 10, 2019 /PRNewswire/ -- Fannie Mae (FNMA) announced today that it has secured commitments for two new front-end Credit Insurance Risk Transfer™ (CIRT™) transactions of 2019. The two front-end deals, CIRT FE 2019-1 and CIRT FE 2019-2, will together cover up to $14 billion of loans to be acquired by Fannie Mae between May 2019 through April 2020, and transfer up to $455 million of credit risk on those covered loans. As part of Fannie Mae's ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, it has committed to acquire about $9.3 billion of insurance coverage on $359 billion of single-family loans through the CIRT program to date.
Moody's Investors Service ("Moody's") has assigned definitive ratings to 22 classes of residential mortgage-backed securities (RMBS) issued by J.P. Morgan Mortgage Trust (JPMMT) 2019-5. The certificates are backed by 923 30-yearfully-amortizing fixed-rate mortgage loans with a total balance of $636,423,931 as of the June 1, 2019 cut-off date. All of the mortgage loans have a 30-year term, except for one which has a 20-year term.
Old mortgage bonds at the heart of the 2008 global financial market crisis are on the road to becoming extinct. Mortgage bonds packed with crisis-era home loans have dwindled to just $431.5bn from their 2007 peak of more than $2.3 trillion as home foreclosures, borrower defaults and loan repayments have trickled through the system, according to Bank of America Merrill Lynch data. “Half way through 2019, it appears non-agency RMBS may be at a turning point in terms of issuance,” Bank of America analysts led by Chris Flanagan wrote in a note to clients.
Moody's Investors Service has assigned a Aa2 rating to the proposed $72.77 million of New York State Housing Finance Agency (the "Agency" or "NYS HFA"), Affordable Housing Revenue Bonds, 2019 Series K (Sustainability Bonds) and $9.6 million Affordable Housing Revenue Bonds, 2019 Series L (Climate Bond Certified/Sustainability Bonds). The outlook is stable.
Moody's Investors Service has assigned a Aaa rating to the proposed $17,600,000 City of Indianapolis, Indiana, Multifamily Tax-Exempt Mortgage-backed Bonds (M-TEBS) (Northwood on the Trail Apartments), Series 2019. The rating is based on the highest credit quality of Fannie Mae (Federal National Mortgage Association, Aaa stable) and trustee-held funds, sound legal structure where principal and interest are passed through to bondholders monthly, and cash flow projections that exhibit sufficient revenues to pay full and timely debt service until maturity. Fannie Mae is providing a forward commitment to issue a Guaranteed Pass-Through Certificate (MBS) by the MBS Delivery Date Deadline (preliminarily expected to occur on August 25, 2021).The bonds are subject to mandatory redemption upon failure to acquire the MBS if such MBS Delivery Date Deadline is not extended.
Announcement: Moody's Fully Supported Municipal& IRB Deals. Global Credit Research- 28 Jun 2019. New York, June 28, 2019-- ASSIGNMENTS:.
Moody's Investors Service has assigned definitive 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.
The Trump administration and the Federal Housing Finance Agency are both making overtures toward getting the ability to charter a new mortgage finance giant in the mold of Fannie Mae and Freddie Mac, something all housing observers are keeping a close eye on.
Moody's Investors Service has assigned a Aaa rating to the proposed $17,600,000 City of Indianapolis, Indiana, Multifamily Tax-Exempt Mortgage-backed Bonds (M-TEBS) (Northwood on the Trail Apartments), Series 2019. The rating is based on the highest credit quality of Fannie Mae (Federal National Mortgage Association, Aaa stable) and trustee-held funds, sound legal structure where principal and interest are passed through to bondholders monthly, and cash flow projections that exhibit sufficient revenues to pay full and timely debt service until maturity.