Fannie Mae has priced a $3 billion issue of two-year, 3.625% Benchmark Notes at 99.998.The issue (CUSIP: 31359MXW8), due March 15, 2007, yields 3.627% at a spread of 20 basis points over the 3.125% Treasury due Jan. 31, 2007. The settlement date is Feb. 25. The joint lead managers for the issue are Goldman, Sachs & Co., Lehman Brothers Inc., and UBS Investment Bank.
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The company, acquired by CrossCountry Mortgage in 2022, discouraged employees from reporting they worked off-the-clock as a means to "save on labor costs."
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The top five producers had an average non-QM loan volume of nearly $94 million for 2023.
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Title insurers, whose activity is highly correlated to mortgage production, wrote $15.1 billion in premiums during 2023, down from $21 billion in 2022 and $26.2 billion for the year before that.
May 1 -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
May 1 -
Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.
May 1 -
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
May 1