GSEs Pay It Back, US Treasury Principal Reductions, Inventory, HARP Stats, GSE REOs Decline, Freddie Credit Losses, Rental Home Securitizations, Citi Rentals, Loan Quality, Wells Too Big?

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Fannie And Freddie Pay Back 25% Of Bailout; FHA Recapitalizes – Dan Green – … Since late-2008, the two groups received $188 billion in taxpayer funds as a "bailout". They’ve repaid a quarter of that, to date, and with a few more profitable quarters, the loan will be repaid in full. Not surprisingly, the improving housing market is playing a role in the agencies’ return to profitability. As home prices rise, less money is set aside to cover future losses, tipping balance sheets toward the black. … – The Mortgage Reports Daily

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CHART: Slowly But Surely, Fannie Mae Is Paying Back The Bailout – Joe Weisenthal – From Fannie Mae’s latest earnings comes an update on its financial relationship with the US government. The big beige bars show the money that Fannie has taken form the Treasury. They’ve been going down for awhile, and in the last two quarters they’ve dropped to zero – Business Insider

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Treasury Could Force Principal Reductions at the GSEs – By: David Dayen – FireDogLake 
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What will bring new for-sale inventory to the housing market? – OC Housing News
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FHFA: HARP Accounts for Record 33% of June Refinances – 08/07/2012 By: Tory Barringer – Housingwire
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Fannie, Freddie, FHA REO declined 18% Year-over-year – by Bill McBride – The combined Real Estate Owned (REO) by Fannie, Freddie and the FHA declined to 202,765 at the end of Q2 2012, down from 209,077 in Q1, and down 18% from 249,501 in Q2 2012. The peak for the combined REO of the F’s was 295,307 in Q4 2010. … The bulk sales program has had a minimal impact so far: … – Calculated Risk
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Freddie Mac: Increase in Home Prices contributes to Lower Credit Losses – From Tom Lawler: …  The biggest “swing” factor last quarter was a sharp drop in the provision for credit losses — $155 million last quarter compared to $1.825 billion in the previous quarter and $2.529 billion in the comparable quarter of last year. Freddie attributed the sharp drop in its loss provision – which fell far short of charge-offs, resulting in a steep drop in its loan loss reserves – to “improvements in the number of newly impaired loans and to lower estimated future losses due to the positive impact of an increase in national home prices.” …Calculated Risk
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Rental-Home Securitizations Unlikely To Get Best Fitch Ratings – By Jody Shenn – Fitch Ratings said … a move that may curb potential sales of the debt if other ratings companies follow suit. The firm has “identified several performance/data issues that are likely to result in the imposition of a rating cap,” …  Those include “limited performance data for the sector and individual property management firms” as well as “market rents, rent roll histories, vacancy rates, and supply and demand.” … – Bloomberg 
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Fannie Regulator May Seek to Block Eminent Domain Seizures – By Jody Shenn – The overseer of Fannie Mae (FNMA), Freddie Mac and the Federal Home Loan Banks said it may take action in an attempt to block municipalities’ use of eminent domain to seize mortgages backing securities. – Bloomberg
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Citi launches pilot home rental program – Posted by jgaffney – CitiMortgage is launching its pilot program to exchange distressed homeowner’s mortgages with a deed-for-lease agreement. Co-developers of the program, Carrington Capital Management and Carrington Mortgage Services, will manage the initial project. The Home Rental Program aims to provide an alternative to foreclosure and allow eligible borrowers to stay in their homes by entering into a deed-for-lease home agreement. The pilot will be offered to 500 distressed homeowners in Arizona, California, Texas, Florida, Nevada and Georgia. – Housingwire

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(loan quality trumps all) How Limited Secondary Options Impact Wholesale Mortgage Bankers – by Mark Greco – MortgageOrb

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Wells Fargo’s Home-Loan Hegemony Spurs Stability Risk: Mortgages – By Dakin Campbell – Wells Fargo & Co. (WFC)’s grip on the U.S. mortgage market has tripped alarms among regulators and lawmakers concerned that the bank’s control over one of every three new loans could hurt consumers and undermine markets. Wells Fargo and its two largest rivals, JPMorgan Chase & Co. (JPM) and U.S. Bancorp made half of all U.S. home loans in the first six months, according to Inside Mortgage Finance, an industry publication. Wells Fargo alone controlled 33.1 percent. In mortgage servicing, which involves billing and collections, four firms have 50 percent of the business, and Wells Fargo is No. 1 in that field, too, with 18.5 percent. – Bloomberg Businessweek

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