Fannie Mae -- reacting to the requests of seller/servicers -- has asked its regulator for permission to increase its on-balance-sheet holdings in order to provide liquidity to the secondary mortgage market, sources have told MortgageWire.At deadline time, representatives of Fannie Mae and the Office of Federal Housing Enterprise Oversight declined to comment. Fannie, which is struggling to get current on its financial reporting, has been operating under portfolio caps since late 2005. The cap is currently set at $720 billion. With Wall Street conduits shutting down or tightening loan standards, conforming lenders that play in the nonprime market cannot sell their loans in the secondary market. (At deadline time, the bank-owned National City Home Equity, a unit of National City, told its loan brokers that it would suspend the taking of new applications, according to sources.) Fannie Mae can be found online at http://www.fanniemae.com.
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The RMBS notes benefit from geographic diversity and credit enhancement.
8h ago -
A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
8h ago -
Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
11h ago -
The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
11h ago -
It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
July 2 -
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
July 2