Fannie Mae has priced $3 billion of 3.875% three-year Benchmark Notes at 99.885.The issue (CUSIP 31359ME41), due July 15, 2008, yields 3.916% at a spread of 23 basis points over the 3.750% Treasury due May 15, 2008. The settlement date is June 24. The joint lead managers are Deutsche Banc Securities Inc., Goldman, Sachs & Co., and UBS Investment Bank. Fannie Mae can be found on the Web at http://www.fanniemae.com.
The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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.
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.
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
