Fannie Mae said it sold nearly $30 billion in fixed-rate mortgage-backed securities in the second quarter as asset sales continue to outpace portfolio purchases during the first six months of this year."We can achieve our liquidity function through sales, as well as purchases," Fannie chief executive Daniel Mudd said during conference call with investors and securities analysis. The CEO indicated that pricing and risk curtailed purchases. But demand for fixed-rate product resulted in a good return for shareholders. Fannie has to reach a 30% capital surplus by Sept. 30 and asset sales and retained earnings are helping to meet that goal. "We feel comfortable with our capital plan," Mr. Mudd said. Fannie executives stressed they are not chasing exotic mortgage products but they are seeing opportunities as interest rates rise and consumers start to move safer loan products. In July, Fannie issued $50 billion in MBS, its best month in over two years.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
9h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
10h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16