Mortgage giant Freddie Mac [stock FRE][/stock] late last week announced it settled the offering Series K-003 Structured Pass-Through Certificates, or K Certificates.
The offered certificates consist of multifamily mortgage-backed securities composed of mortgages originated through Freddie's Capital Markets Execution. The dealer managers in the transactions, led by Deutsche Bank Securities, offered the certificates to a number of investors including money managers, life insurance companies and pension funds.
The economy will continue to experience slow economic growth this year and into early 2009, according to a press statement Tuesday afternoon from the Economic Advisory Committee of the American Bankers Association.
"Although the tax rebates are providing some near-term lift to spending, households will continue to face a multiplicity of negative forces, including energy and food prices, restrained credit conditions and declining home prices," said Peter Hooper, chair of the committee and chief economist, Deutsche Bank Securities in New York.
Continuing a run that led excess returns of MBS over Treasuries to post their best month in over 10 years during April, U.S. mortgage-backed securities continued to tighten against Treasuries on Wednesday -- despite news of a large loss by Fannie Mae [stock FNM][/stock]. The trend is likely to mean better mortgage rates for conforming borrowers, sources told Housing Wire Thursday.
"If you look at what we do, fundamentally, MERS is the mortgagee on behalf of the investor and its assigns, it’s not a whole lot more complicated than that. And that role as an agent is well rooted in the laws of this country. So when you get down to it, and when we get challenged, we typically prevail. We simply take away all the clutter and present what we do, and what the laws actually say, and we get there," MERS CEO Beckmann said in an exclusive profile only in HousingWire magazine..
The CFPB is currently paying close attention to the individuals/small players, as well as the larger institutional mortgage companies. With respect to the small players, the CFPB is looking at the loan officer, real estate agent and developer. A common violation that these smaller firms or individuals commit, in addition to possible violations resulting from social media posts, stems from agreements among themselves. Read More
Ladies and gentlemen, it’s been some time since the mortgage bond world felt shaken to the core. But shaken, right now, it feels, according to several recent conversations I’ve had on the subject. Read More